UK Retail Sales (MoM)(Sep) declines to -0.3%,GBPUSD remains under pressure !


Retail Sales measure the change in the total value of inflation-adjusted sales at the retail level. It is the foremost indicator of consumer spending, which accounts for the majority of overall economic activity.

Usual Effect: A high reading or a better than expected number is seen as positive for the GBP, while a low reading is negative.

Frequency: Released monthly, about 20 days after the month ends.

Last Read : 0.4%

Expectations : -0.1%

Actual : -0.3%

Volatility : High Volatility

Market Impact : -0.3%  is likely to bring sideways move within support and resistance level will possible to break below support level , there’s a small chance to make small rebound before the next fall.

Support and resistance : 1.5873 , 1.5940 , 1.6017 ,1.6079 , 1.6108 , 1.6183

Expected range : ( 1.5873 – 1.6108 ).

Technical  Summary :with 1.6108 intact , further downside is likely , towards the 1.5940/1.5873 levels.

Strategy : Sell at resistance.




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