HomeContributorsTechnical AnalysisSterling Inches Higher Despite Weak Retail Sales

Sterling Inches Higher Despite Weak Retail Sales

The monthly retail sales report for the UK disappointed. Data showed that retail sales fell 0.1% on the month in October. This was below estimates of a 0.2% increase and down from a flat price in the previous month.

The weak retail sales will likely dampen the growth for the region during the month.

GBP/USD Breakouts Off Resistance

Cable broke to the upside breaching the resistance level of 1.2865. The current gains come amid renewal in the momentum.

Price action could, however, remain range-bound. The upside is limited to the resistance level of 1.2960 region in the near term. Further direction will gain momentum only on a breakout above this level.

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