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Retail Sales Increase But GBPUSD Continues Lower

Skerdian Meta•Friday, April 19, 2024•1 min read

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.

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UK March Retail Sales Released by ONS – 19 April 2024

  • Month-on-month (m/m) retail sales: 0.0% vs. +0.3% expected (prior revised from 0.0% to +0.1%)
  • Year-on-year (y/y) retail sales: +0.8% vs. +1.0% expected (prior revised from -0.4% to -0.3%)
  • Month-on-month (m/m) retail sales excluding autos and fuel: -0.3% vs. +0.3% expected (prior revised from +0.2% to +0.3%)
  • Year-on-year (y/y) retail sales excluding autos and fuel: +0.4% vs. +0.9% expected (prior revised from -0.5% to -0.4%)

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Skerdian Meta
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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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