GBP Mixed After UK Retail Sales

  • GBPUSD
    (${instrument.percentChange}%)

GBP/USD – H1

UK Retail Sales rose more than expected, to 0.8% in October, from 0.0% revised prior. This comes on the back of the country's solid Employment report on Monday and Wednesday's hot CPI inflation, with Core reading showing and 3.4% y/y in October.

These factors are supportive for GBP/USD - allowing it to rebound from last week's 2021 lows (1.3352) - and looks poised to halt its three-week losing streak.

Having moved above EMA100 (black line) near term is tilted to the upside and key 1.3536 resistance is brought into the spotlight. This is the 38.2% Fibonacci of the "October high -November Low" drop and daily closes beyond this will open the door for further recover towards 1.3595-1.3608.

Despite this week's upbeat mood, the pair seems to lack conviction to cancel the broader downtrend and remains in a precarious position, facing new difficulties at 1.3500. A return back below EMA100 (1.3466-0)is still in play, although new weekly lows (1.3395) are likely going to require a catalyst.


Past Performance: Past Performance is not an indicator of future results.

Nikos Tzabouras

Senior Market Specialist

Nikos Tzabouras is a graduate of the Department of International & European Economic Studies at the Athens University of Economics and Business. He has a long time presence at FXCM, as he joined the company in 2011. He has served from multiple positions, but specializes in financial market analysis and commentary.

With his educational background in international relations, he emphasizes not only on Technical Analysis but also in Fundamental Analysis and Geopolitics – which have been having increasing impact on financial markets. He has longtime experience in market analysis and as a host of educational trading courses via online and in-person sessions and conferences.

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