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April 23, 2021

Pound Appreciates in Early Asia Ahead of Retail Sales Data, 30+ PIP Volatility Likely; April 23, 2021

U.K. Retail Sales

U.K. has scheduled to release Retail Sales data at 0600 GMT/1130 IST. It’s the primary gauge of consumer spending, which accounts for the majority of overall economic activity. If the actual results come higher than forecasted, it will be beneficial to GBP.

Let’s see how GBP has reacted during the previous data release:

March 26:

Feb 19:

Technical View:

GBP/USD: The sterling trades marginally higher on Friday and hovers around $1.3850 mark. The pair made intraday high at $1.3863 and low at $1.3831 mark. Today a day is bullish but H1 chart with triple EMA suggests bearish trend for the time being. A sustained close above $1.3876 requires for the upside rally. Alternatively, a consistent close below $1.3837 will check further key supports.

Key Resistances: $1.3876, $1.3900, $1.3955, $1.3970, $1.4008

Key Supports: $1.3822, $1.3787, $1.3762, $1.3740, $1.3702

Take a look and do trade wisely!
Good Luck

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