GBP/USD holds break below major trend support at 1.2520 – Scotiabank
The Pound Sterling (GBP) is flat on the session. UK Retail Sales rose a softer than expected 0.2% in November (versus +0.5% forecast), extending a run of disappointing Retail Sales data, Scotiabank’s Chief FX Strategist Shaun Osborne reports.
Cable is soft, struggling to regain 1.2520
“UK Retail Sales rose a softer than expected 0.2% in November (versus +0.5% forecast), extending a run of disappointing Retail Sales data. Poor weather may have had some impact on consumer activity last month but the run of soft consumption reports does suggest weaker growth momentum into the end of the year.”
“Cable is struggling to regain 1.25+ levels after losses yesterday took the pound below major trend support at 1.2520 (now resistance). Intraday price action reflects a very weak bid for the pound off the lows so far but regaining 1.2520+ into the close of the week might mitigate developing bearish pressure for a drop back to the 1.23 area.”
Reprinted from FXStreet_id，the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.