GBP/USD Threatens Resistance After UK Retail Sales Jump Higher - Forex News by FX Leaders

GBP/USD Threatens Resistance After UK Retail Sales Jump Higher

Posted Wednesday, September 20, 2017 by
Skerdian Meta • 1 min read

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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About the author

Skerdian Meta // Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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