After gaining traction on stronger-than-expected UK inflation data, GBP/USD seems to have gone into a consolidation phase around 1.3250. Investors paid no attention to the dismal US Retail Sales data as they await the Fed's policy announcements.
On the upside, GBP/USD faces strong resistance in the 1.3280/1.3300 area, where the 100-period SMA on the four-hour chart a static level and a psychological level meet. In case a four-hour candle closes above that level, the next target could be seen at 1.3330 (static level) and 1.3390 (200-period SMA).
Supports are located at 1.3230 (20-period SMA, 50-period SMA), 1.3200/1.3190 (psychological level, static level) and 1.3160 (December 8 low).
