UK : better than expected retail sales in May
Jean-Christophe Rolland June 22, 2020 8:36 AM
On Friday, official data showed that U.K. retail sales rose 12.0% in May month on month.
On Friday, official data showed that U.K. retail sales rose 12.0% in May month on month. They were anticipated to increase by 6.3%.
From a technical point of view, on a daily chart, GBP/USD has broken below a short term rising trend line after failing to surpass the resistance level at 1.2815. It currently trades below its 50-period moving average (in blue) while the daily RSI stands within its selling area. Readers may therefore consider the potential for further weakness below horizontal resistance at 1.2600. The nearest support would be set at 1.2245 (April-May overlap level) and a second one would be set at 1.2060 (May horizontal support) in extension.
Source : TradingVIEW, Gain Capital
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