UK retail sales undershoots expectations, with the headline figure falling 1.3% m/m in March, well of the median forecast for a modest 0.1% contraction. The y/y figure came in at +2.7% versus the 4.4% figure expected. February data were also revised lower, with sales pinned at -0.5% m/m versus the -0.4% initially report, and at 3.6% y/y, down form the 3.8% number originally estimated. This follows a run of data pointing to moderating economic growth momentum in the UK economy, with the concern being that Brexit uncertainty is negative influencing activity. Sterling to a wallop on the data, which sent Cable to a fresh two-day low at 1.4300, though follow-through selling has been limited thus far.
Our GBPUSD trade idea is working well. Price touched my sell area before giving a sell signal and has since hit our Target 1 at 1.4306. Negative numbers on UK retail sales add to the bearish technical picture.
Janne Muta
Chief Market Analyst
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About Janne Muta, HotForex’s Chief Market Analyst
Janne Muta is a seasoned industry professional with over 16 years experience in the global markets. Originally from Finland, Janne has worked for institutions in both Helsinki and London as an institutional fund manager, global market analyst and FX educator.
Traders and fund managers from around the world have benefited greatly from Janne’s technical analysis methods. The indicators and price action based trading models he has developed, have, after rigorous testing, proven to be invaluable in identifying high probability trades.
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