GBP/USD trades weaker after retail sales, sell on rallies
GBP/USD has broken 1.5250 after release of weaker than expected UK retail sales.
UK Oct Retail sales decreased to -0.6% m/m compared to forecast of 0.5% Vs 1.9% in Sep and core retail sales declined to -0.9%. Decrease in retail sales has dampened the optimism over the country’s economic outlook and reduced the chance of rate hike by BOE.
Technically the pair is facing strong support around 1.5220 (55 4H EMA) and any break below targets 1.5150/1.5080.
Short term bullishness only above 1.5305
It is good to sell on rallies around 1.5260-65 with SL around 1.5305 for the TP of 1.5180/1.5150
UK Oct Retail sales decreased to -0.6% m/m compared to forecast of 0.5% Vs 1.9% in Sep and core retail sales declined to -0.9%. Decrease in retail sales has dampened the optimism over the country’s economic outlook and reduced the chance of rate hike by BOE.
Technically the pair is facing strong support around 1.5220 (55 4H EMA) and any break below targets 1.5150/1.5080.
Short term bullishness only above 1.5305
It is good to sell on rallies around 1.5260-65 with SL around 1.5305 for the TP of 1.5180/1.5150
