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UK retail sales unexpectedly fell by 0.6% which sunk the pound overnight, we have sen the sterling regain its footing out the path of lest resistance still appears lower, a break below the 20-Day SMA would validate the bearish bias. Canadian retail sales is the only significant release to end the week and the expected -0.1% could send the "loonie" lower. Although, the broader sentiment on the global economy and oil prices could have a bigger impact on price action. Strong resistance at 1.440-the 38.2% Fibo of 1.2509-1.0781 is staunch resistance and may require a sharp turn in sentiment to overcome.
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John Rivera is the author of Market Brief, Top FX Headlines, and Forex Trading Weekly Forecast on DailyFX.com.
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