GBPUSD (1.4140): The British pound jumped to intraday highs of 1.4215 before closing on a bearish note. The hawkish Bank of England which signaled the next rate hike in May was already discounted by the markets. Ahead of the BoE’s meeting, retail sales in the UK rebounded sharply, rising 0.8% on the month which beat estimates and accelerated from a revised 0.2% declines from the previous month. The British pound is expected to continue maintaining the upside bias with the new support level at 1.4060 likely to support any declines. To the upside, price action will need to clear the previous highs in order to post further gains.
