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February 18, 2022

Sterling Trades Almost Flat Ahead of U.K.’s Retail Sales Data, 20+ PIP Volatility Likely in GBP Parity; Feb 18, 2022

U.K. Retail Sales

Today U.K. will come up with the Retail Sales data at 0700 GMT/1230 IST. It’s the primary gauge of consumer spending, which accounts for the majority of overall economic activity. If actual result ‘ greater than ‘Forecast’, is good for currency.

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

Jan 21:

Dec 17:

Technical View:

GBP/USD:

The sterling trades in narrow range ahead of U.K.’s Retail Sales data and trading above $1.3600 mark.
Today pair made intraday high at $1.3620 and low at $1.3599 mark.
A day chart and H1 chart with triple EMA suggest up trend for the time being.
A sustained close above $1.3618 on H1 chart will check key resistances.
Alternatively, a consistent close below $1.3590 will check further supports.

SUPPORTS	RESISTANCES
$1.3590	$1.3618
$1.3572	$1.3650
$1.3550	$1.3672
$1.3521	$1.3690
$1.3490	$1.3711

Take a look and do trade wisely!
Good Luck

TP Global FX Research Team

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