U.K Retails Sales Up 13.9% In Jun, Buy GBPUSD On Dips

Forex-98656-as

The U.K Retails sales rose by 13.9%, from 12.3% in the previous month, passing a forecast of 8.0%. Core Retails sales also rose by 13.5%, from 10.6% a month earlier. Passing a forecast of 7.5% This development supports the GBPUSD. Any corrective pullback to support levels is a buying opportunity. Current resistance comes in the 1.2780 levels. While support comes around 1.2665 levels.

Anyway; the pair is bullish above 1.2515/1.2665 levels, below 1.2515 should weaken the bullish trend. On the upside, above 1.2780 will extend the bullish move to 1.2920 levels.

In conclusion: The GBPUSD sees upside threats above 1.2515/1.2664 levels. (buying the pair on dips is recommended).

Support: 1.2664, 1.2515, 1.2400, 1.2290

Resistance: 1.2780, 1.2920, 1.3080, 1.3190

Later on the day at 08:30 GMT. The focus will turn to U.K Manufacturing PMI, U.K Composite PMI, and U.K Services PMI.

GBPUSD Daily Forecast Jul 24 2020

 

MARKET DATA

UPCOMING ECONOMIC EVENTS