Pound’s failure to break resistance at 1.2500 leaves bears in control.
Strong US retail sales figures have pushed the pair back to the bottom of the monthly channel, at 1.2440.
Below 2.1430, the next support levels are 1.2370 and 1.2220.
Sterling’s recovery attempts have failed to find a significant acceptance above the 1.2500 level earlier on Monday. The pair has succumbed to the broad-based US Dollar strength after the release of upbeat US retail sales figures.
US Consumer spending has beaten expectations in MArch adding to the evidence of a strong US economic outlook. Beyond that, growing concerts about the consequences of an escalation in the Middle East conflict are additional support for the safe-haven USD.
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