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GBP Knocked Lower as UK Retail Sales Disappoint.

GBP
MNI (London)
  • UK Retail Sales data disappoints and provides another round of sales which has taken GBP/USD down to $1.3679, as it extends its corrective pullback away from Thursday's freshly posted YTD high of $1.3746.
  • Earlier bullet suggested next support zone seen between $1.3670/50 ahead of $1.3635/30.
  • EUR/GBP also reflects the correction in GBP as rate moves above Gbp0.8890 bringing the key technical 10-dma within touching distance at Gbp0.8899.
  • The rejection away from the base of its 1.0% 10-dma envelope now brings the 10-dma into play. Whilst cross holds below keeps recent underlying bearish tone in place, a break and close above to negate.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets

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