GBP/USD top made at 1.3600? - Scotiabank

Analysts at Scotiabank explained that the UK BRC retail sales data for Dec reflected relatively steady retail spending over the holiday period (+0.6% Y/Y) but think the data may overstate the strength in retail trends ahead of next week’s official UK retail sales report (we see downside risks). 

Key Quotes:

"Sterling is holding in a range below 1.36; data risks and a stronger USD suggest the pound will struggle to improve near-term."

"GBPUSD short-term technicals: Bearish—Cable continues to look toppish around 1.36 but the pound has found decent support in the 1.3520 area in the past couple of sessions."

"Daily charts reflect weak price action from last Wednesday where a bearish outside range reversal session remains the salient feature of short-term chart. Weakness below 1.3500 should see Cable ease towards 1.3350/1.34."