GBP/USD corrects farther below 1.4100 handle, US data up next

   •  Weaker UK retail sales data prompts some profit-taking.
   •  USD bounces off 3-year lows and contributed to the fall. 
   •  Traders now eye US economic data for fresh impetus.

The GBP/USD pair extended its UK data-led retracement slide from 2-week tops and refreshed session lows in the last hour, albeit quickly recovered few pips thereafter. 

The pair today witnessed some profit-taking near a short-term descending trend-line, around mid-1.4100s, and the downfall accelerated further following the disappointing release of UK monthly retail sales figures for January.

Meanwhile, the US Dollar bearish pressure seems to have eased a bit, at least for the time being, and further contributed to the pair's sharp retracement of around 90-pips from session tops. 

Traders now look forward to the US economic docket, featuring the release of housing market data and Prelim UoM Consumer Sentiment, in order to grab some short-term trading opportunities. 

Technical levels to watch

A follow-through selling pressure has the potential to continue dragging the pair further towards its next support near 1.4040 level en-route the key 1.40 psychological mark. 

On the upside, the 1.4100 handle now becomes immediate resistance and any subsequent up-move might continue to confront fresh supply near the 1.4145-50 region.