The UK retail sales report has shown a modest increase this month. However, analysts expect it to show considerable growth in October. According to the latest report published by the CBI, 33% of retailers report about higher turnover while 27% of retailers report about a decline in sales.
The CBI experts say that the positive tendency occurred mainly due to a sharp decline in the rate of inflation. If the tendency remains stable, the British economy may come out of the current recession in the near future.
Forex.
According to , the British Pound keeps strengthening against the US Dollar. The experts report that GBPUSD is forming an upswing represented by wave А/В of level H2.
A further rally will probably encounter resistance around 1.6235 and 1.6260. The current bullish move will be completed as soon as the price consolidates below 1.6136. if this is the case, the closest levels of support will be located at 1.6115, 1.6089, 1.6063.
