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Friday, 12 February 14:04 (GMT -05:00)



Foreign exchange market

GBPUSD: British Pound Recovers Despite Lower Retail Sales


 

 

April’s retail sales decline in the UK turned out to be the highest in 12 months. According to BRC report, British households tried to balance their budgets through spending cuts amid the economic recession in the UK. According to Steven Robertson, Director of the BRC, this was the major factor affecting the retail sales in April.
 
The retail sales declined by 3.3% against April 2011.  This is the biggest decline since March 2011.  In April 2011 the retail sales boosted by 5.2%.
 
 
Forex.
 
In the meantime, the British Pound has started a mid-term rally against the US Dollar. According to Masterforex-V Academy experts, GBPUSD has finished forming wave А/В of wave level Н16. Ath tis point the price is forming an upswing – wave А/В; the closest levels of resistance are 1.6184/87, 1.6208/11, 1.6241/45 and 1.6197. The current rally will be completed as soon as the price breaks below 1.6091 (as shown below):

 

 

 

 

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