TECHNICAL ANALYSIS
On the daily chart, GBP broke down the major support and resistance flip of 1.22933 and now the major level from where the price can go up is the 4 hr demand zone unmitigated at 1.21820, or the sell side liquidity 1.18032. On the 4- hour chart the price is continuously getting rejected and took a support at 1.22397 this is gonna be a very important support for the intraday trade because once price breaks this or takes support from this line it can be majorly used for the entry point. On the hourly price is not acting much in the asian session also because its monday but soon the london and the NY session can bring some liquidity to drive the price.
FUNDAMENTAL ANALYSIS
That's the highest reading since August with retail sales activity in general seen at the highest for this time of the year (pre-Christmas period) since 2015. Of note, consumers are seen bringing their Christmas shopping a little early this year. Besides that, the selling prices balance index is seen jumping higher from 73 in October to 77 in November - the highest since May 1990. One, two, inflation.
Disclaimer: FMI's research services provide general information. The Users should evaluate the relevance to their specific needs.