GBPUSD eyes UK retail sales for fresh signal

Cable is standing at the front foot in early Wednesday’s trading but the action so far holds within hourly cloud, top of which continues to limit upside attempts.
Trading on Tuesday ended in long-legged candle and failed to provide firmer direction signals after the price pulled back from fresh high at 1.3618 but dip was so far limited at 1.3464.
Bullish daily studies are generating negative signal as overbought RSI and slow stochastic are turning lower, but without reaction so far.
UK retail sales are in focus today, with forecasts for August being below previous month’s reading (retail sales m/m Aug f/c 0.2% vs 0.3% in July; core retail sales m/m Aug f/c 0.2% vs 0.5% in July).
Release above forecasted levels would generate fresh support for sterling with upbeat numbers in Aug seen as support for hawks advocating BoE rate hike in coming months.
Bullish scenario would result in retest of 1.3618 high and possible extension above on stronger bullish acceleration, while miss (release at / below forecast) would put pound under pressure and risk probes below 1.3464 (18 Sep correction low) towards pivot at 1.3439 (Fibo 38.2% of 1.3148/1.3618 upleg).
Loss of the latter would spark further weakness towards rising daily Tenkan-sen at 1.3355.

Res: 1.3551; 1.3582; 1.3618; 1.3646
Sup: 1.3535; 1.3464; 1.3439; 1.3383