GBP/USD hit 1.6921, the highest since May 9 and was last up 0.42% to 1.6908.Cable was likely to find support at 1.6801, Tuesday’s low and resistance at 1.6973, the high of May 8 and an almost five year peak.U.K. retail sales jumped 1.3% in April, the Office of National Statistics said, more than double forecasts for a 0.5% increase, driven by higher food sales over the Easter holiday.On a year-over-year basis, retail sales climbed 6.9% in April, ahead of expectations for a 5.2% gain after rising by 4.8% in March.At the same time, the minutes of the BoE’s May meeting showed that the Monetary Policy Committee voted unanimously to leave interest rates on hold at record lows
USD/JPY was down 0.25% to 101.07, after falling to lows of 100.83 earlier, the weakest level since February 5.The yen strengthened broadly after the BoJ said its stimulus program has been working as intended, and refrained from implementing additional easing measures at the conclusion of its two-day policy meeting on Wednesday.The central bank said the economy is showing signs of weathering the impact of a sales tax increase that came into effect on April 1 and pledged to continue to expand the monetary base at a pace of ¥60 trillion to ¥70 trillion per year.Investors were turning their attention to of the minutes from the Fed’s latest monetary policy meeting due out later Wednesday, for insight on the central bank’s view of the economy.
1. Buy GBP/USD Above 1.6925- TG: 1.6945/ 1.6975 SL 1.6890
2. Sell GBP/USD Below 1.6860- TG: 1.6840/ 1.6810 SL 1.6890