When are the UK retail sales and how could they affect GBP/USD?


UK retail sales Overview

The UK retail sales, scheduled to be published later this session at 0830 GMT, are expected to drop 0.3% m/m in March, following a 0.4% rise seen in February. Total retail sales are seen arriving at 4.6% over the year in the reported month, up from 4.0% booked previously.

Meanwhile, core retail sales, stripping the basket off motor fuel sales, are seen declining 0.3% m/m while rising 4.0% y/y.

Deviation impact on GBP/USD

Readers can find FX Street's proprietary deviation impact map of the event below. As observed the reaction is likely to remain confined between 10 and 70 pips in deviations up to 3.5 to -1.5, although in some cases, if notable enough, can fuel movements of up to 100 pips.

How could it affect GBP/USD?

FXStreet’s Analyst Haresh Menghani notes: “The 1.30 round figure mark is likely to act as immediate support, which if broken might expose the very important 200-day SMA support, currently near the 1.2965 region. A convincing break through the mentioned support will reinforce a near-term bearish breakdown and turn the pair vulnerable to aim towards testing sub-1.2900 level.”

“On the flip side, any meaningful recovery attempt might now confront some fresh supply near the 1.3085 region and is closely followed by the 1.3100 round figure mark. The latter coincides with a short-term descending trend-line resistance, which if cleared decisively might trigger a short-covering rally and lift the pair back towards the 1.3200 neighborhood amid relatively thin trading conditions ahead of the Easter holidays,” Haresh adds.

Key Notes

GBP/JPY defends 200-hour MA ahead of UK retail sales

GBP/USD Technical Analysis: Closing on confluence of key resistances at 1.3053

About the UK retail sales

The retail sales released by the Office for National Statistics (ONS) measures the total receipts of retail stores. Monthly percent changes reflect the rate of changes in such sales. Changes in Retail Sales are widely followed as an indicator of consumer spending. Generally speaking, a high reading is seen as positive, or bullish for the GBP, while a low reading is seen as negative or bearish.

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD hits fresh three-week lows as optimism from German data fades

EUR/USD has hit a fresh three-week low below 1.1070 as optimism from better-than-expected German PMIs fades. The data still points to a downturn. Tension mounts ahead of Fed's Powell critical speech on Friday.

EUR/USD News

GBP/USD surges above 1.2200 on Merkel's Brexit optimism

GBP/USD is trading above 1.2250, at the highest this month after German Chancellor Merkel said a solution to the Irish backstop can be found by October 31st. UK PM Johnson is meeting French President Macron.

GBP/USD News

USD/JPY: lifeless consolidation continues

Japan National CPI seen up by 0.5% YoY in July. USD/JPY confined to familiar levels despite plenty of possible catalysts.

USD/JPY News

Gold steadies near $1,500 as trading action turns subdued ahead of Jackson Hole

After dropping to its lowest level in nine days at $1,492 earlier today, the XAU/USD pair staged a recovery in the second half of the day and now seems to be moving sideways near the $1,500 mark, losing nearly $3 on a daily basis.

Gold News

Top 3 Price Prediction Bitcoin, Ripple, Ethereum: BTC to $50,000 or Gold to $5,000? Current crypto levels to watch

"Gold will reach $5,000" claimed Peter Schiff, a crypto critic, and a gold bug. "Bitcoin will reach $50,000," said Tom Lee. Both influences clashed on social media and on television about future prices. 

Read more

MAJORS

Cryptocurrencies

Signatures


  •  
  •  
  •  
  •  
  •