Forex: GBP/USD trades at 1.5432

[mikeyjerou]

FXstreet.com (Barcelona) - The pair has lost some of the gains made in the previous session and sterling is now retreating by 0.63% against the greenback. The drop follows the release of a series of indicators of the US and UK economies. Wholesale inventories in the US outperformed forecasts, growing by 0.6% in April instead of 0.4%. The trade balance reached -50.6 billion dollars in April, dropping from the previous -52.62 billion.

On the other side of the Atlantic, the UK’s PPI - input and output – came out worse than expected, registering YoY growth rates of 0.1% and 2.8%, respectively.

The pair is currently trading at 1.5432, facing resistance at 1.5610 and 1.5692, according to Fxstreet.com pivot points on technical tools. On the downside, there is support at 1.5348 and 1.5266.