According to the latest CBI report on the UK's retail sales, the mentioned retail sales are slowing down in November. The analysts assume that this is a temporary phenomenon as the forthcoming Christmas shopping fever is going to fix the problem thanks to multiple sellouts.
In particular, the report shows that the retail sales growth slowed down from +19% in October all the way down to +7% in November. With that said, the actual figures failed to match analyst estimates and disappointed the expert community since the analysts had expected a move up to +25% instead of the mentioned slowdown.
At the same time, despite the obvious signs of the retail sales slowdown, there was the first decline in orders since April 2014 seen over the reporting period. Meanwhile, people are getting employed at the highest rate seen over the last 17 years.
Still, a handful of experts are being positive on the matter while highlighting the instability and frequent disagreement between actual figures and expectations.
FOREX
Meanwhile, Masterforex-V Academy reports that the British Pound is still going down in value against the U.S. Dollar while being loyal to the same long-term downtrend of GBPUSD. More specifically, the currency pair is moving down within the scope of another downswing – wave 3/C of level Daily2. The price has already completed wave a(C ) or shortened C of the bearish move.
With that said, a break above the top of the descending MF sloping channel an MF pivot 1.5335 will put an end to the downward move. Alternatively, on breaking below the 1.5053/26 area of local lows, the currency pair will continue going down to new lows. If that’s the case, the price may found support around such levels as 1.4986/83, 1.4945/38, 1.4887/79.
