The UK Retail Sales came out with a value of -0.9%, worse than the anticipated 0.4% and this weakened the Pound, driving the pair lower for almost the entire day.
Technical Outlook
Although strong resistance was encountered at 1.6170 and the Pound gave back almost half of the gains acquired Wednesday, we consider that buyers will regain control and will drive the pair higher, at least for another touch of the level we just mentioned. The first notable level below price at the moment is 1.5960 and uptrend resumption may begin if it is touched, although it is more likely that price will begin to rise sooner.
Fundamental Outlook
The United Kingdom doesn’t release any major news or economic indicators today so we anticipate the market to be driven by the technical aspect.
We hope you had a profitable trading week and we wish you a relaxing weekend.
Written by: Bogdan Giulvezan
Technical Outlook
Although strong resistance was encountered at 1.6170 and the Pound gave back almost half of the gains acquired Wednesday, we consider that buyers will regain control and will drive the pair higher, at least for another touch of the level we just mentioned. The first notable level below price at the moment is 1.5960 and uptrend resumption may begin if it is touched, although it is more likely that price will begin to rise sooner.
Fundamental Outlook
The United Kingdom doesn’t release any major news or economic indicators today so we anticipate the market to be driven by the technical aspect.
We hope you had a profitable trading week and we wish you a relaxing weekend.
Written by: Bogdan Giulvezan
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