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Britain’s Retail Sales Unexpectedly Declined In June

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Fundamental analysis of Forex market

For the 24 hours to 23:00 GMT, the GBP declined 0.45% against the USD and closed at 1.3016, amid disappointing retail sales data.

Data revealed that UK’s retail sales unexpectedly fell 0.5% on a monthly basis in June, compared to a revised rise of 1.4% in the previous month. Markets had anticipated retail sales to rise 0.2%.

In the Asian session, at GMT0300, the pair is trading at 1.3016, with the GBP trading flat against the USD from yesterday’s close.

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The pair is expected to find support at 1.2955, and a fall through could take it to the next support level of 1.2895. The pair is expected to find its first resistance at 1.3079, and a rise through could take it to the next resistance level of 1.3143.

Looking ahead, investors will keep an eye on UK’s public-sector net borrowings for June, scheduled to release in a few hours.

The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.