The monthly retail sales report for the United Kingdom saw sales in terms of volume falling 0.6% on the month. This marks the third consecutive month of decline in the data.
Retail sales in November were revised down from 0.6% to 0.8%. The pound sterling fell sharply on the news, losing over 0.5% on the day.
Is GBP/USD Resuming the Downtrend?
The declines in the GBPUSD came right after price tested the 1.3100 level of resistance. With prices being promptly rejected, the pound sterling reversed direction.
There is scope for the downtrend to continue which could see GBPUSD falling back to the 1.2960 level of support.
