GBP/USD Threatens Resistance After UK Retail Sales Jump Higher
The UK retail sales report comes after a period (a year or so) of soft economic data from the Island and this time it was surprisingly posi
The UK retail sales report comes after a period (a year or so) of soft economic data from the Island and this time it was surprisingly positive.
Last month’s reading was revised higher to 0.6% from 0.3%, but this month reserved the surprise for GBP traders.
Retail sales and core retail sales both jumped to 1% from 0.2% and 0.1% expected, so that`s a decent increase month on month.
This report is volatile but now it's the turn to go up.
GBP pairs immediately jumped 100 pips higher, but they are retracing lower right now. GBP/USD broke above 1.36 again but couldn’t take out the high at 1.3620.
This round of economic data brightens up the picture a little regarding UK economy and the Pound has surged on nothing until now. So, it’s likely that the buyer will remain in control for the coming session.
Personally, I will be looking to buy this forex pair, but the best place is around 1.35 with a stop below it. A couple of moving averages are standing down there and it is a strong support level, but let’s see if we slip down there soon.
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