Sterling Trades Flat Ahead of U.K.’s Retail Sales Data, 30+ PIP Volatility Likely in GBP Parity; March 26, 2021
U.K. Retail Sales Results
Today key fundamentals and economic news are expecting from the U.K. zone. They include Retail Sales data (0700 GMT), U.K. FPC Meeting Minutes (0900 GMT) and FPC Statement (0900 GMT). It’s the primary gauge of consumer spending, which accounts for the majority of overall economic activity. Markets expect higher than previous retail sales data from -8.2 pct to 2.2 pct previous release. If the actual data comes higher than expected, it will be good for Sterling. If the economic data disappoints the market expectations, it will be negative for GBP.
Let’s see how GBP has reacted during the previous data release:
GBP/USD: The pound trades almost flat on Friday and trading around $1.3750 mark. The pair made intraday high at $1.3764 and low at $1.3725 mark. A day chart is about to give successful crossover, if it happens then a day chart will confirm bearish trend in long run. On the other side, H1 chart with triple EMA confirms bullish trend for the time being. Today’s BOE monetary policy meeting minutes and statement may give further directions to the parity.
Key Resistances: $1.3790, $1.3843, $1.3865, $1.3880
Key Supports: $1.3732, $1.3699, $1.3670, $1.3637
Take a look and do trade wisely!