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September 18, 2020

U.K.’s Retail Sales Data May Bring 20+ PIP movement

U.K.’s Retail Sales Data

U.K. will release retail sales data around 0600 GMT/1130 IST. It’s the primary gauge of consumer spending, which accounts for the majority of overall economic activity. This time market has expected retail sales data to come around 0.8 pct which is lower than previous release of 3.6 pct. If actual data comes higher than 0.8 pct, it will be beneficial for GBP.

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

Aug 21: Positive Data

July 24: Positive Data

Technical View:

GBP/USD: The sterling trades flat ahead of U.K.’s retail sales data. A sustained close above $1.2973 will drag the parity up towards $1.3002, $1.3070, $1.3102, $1.3148, $1.3210, $1.3276, $1.3350, $1.3382, $1.3422, $1.3442 and $1.3515 mark respectively. Key support levels are seen at $1.2922, $1.2875, $1.2820, $1.2762, $1.2740, $1.2695, $1.2662 and $1.2620 mark respectively.

Take a look and do trade wisely!

Good Luck

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