Pound Faces Renewed Selling Pressure Below the 1.2700 level

GBP/USD saw renewed selling pressure today, with the pair falling below 1.2700 in response to disappointing UK Retail Sales data released earlier that day. This decline marks the continuation of a corrective move from the two-month high of 1.27601, as demand for the US dollar continues to increase.

Technically, the pound continues to drop below 1.2700, the next support levels to watch are May 16 low at 1.2640, then the critical level 1.2570.