Retail Sales Increase But GBPUSD Continues Lower
The rate of GBP to USD has made another break to the downside, after breaking below 1.25 last week
The rate of GBP to USD has made another break to the downside, after breaking below 1.25 last week. Today the comeback of the USD, coupled with airstrikes on Iran by Israel, and the situation built up for another bearish break, this time below 1.24.
GBP/USD Chart Daily – The 2nd Support has Been Breached
The detailed breakdown of the UK retail sales report for March reveals concerning trends, particularly with declines in grocery store and department store sales. Non-store retail sales, which typically include online retail, also saw a decrease. However, there were increases in other non-food shop sales and vehicle gasoline sales, partially offsetting the overall decline. The persistent gap between the value and volume of sales underscores the influence of rising inflation on consumer spending in the UK over the past couple of years.
UK March Retail Sales Released by ONS – 19 April 2024
GBP/USD Live Chart
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