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Home / Analytics / Forex analysis & forecasts / Forex Fundamental analysis / The Pound couldn’t stay on the top. Overview for 19.05.2016
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The Pound couldn’t stay on the top. Overview for 19.05.2016

The GBP/USD pair is retreating slowly, but even now one can see that “bulls” didn’t manage to stay on their local highs.

On Thursday, the British Pound is slowly retreating in the pair with the US Dollar. The current quote for the instrument is 1.4584.
It’s obvious that the instrument faced resistance from 1.4670 again and moved below. Earlier in May, this level was quite a string barrier for buyers; still, it let the price pass, but later made “bulls” move down again. It looks like right now “bullish” movement is being pressured by the strong US Dollar, which has its own dramatic story.

The UK published interesting statistics today. Retail sales in April increased by 1.3% m/m against the predicted number of 0.5% and the decrease in March by 0.5 m/m. On a year-on-year basis, the indicator went up by 4.3% straight, which is much more than average expectations.

The catalyst for this was low transfer prices; low consumer interest could be seen in clothing and footwear sales. From one quarter to the next, February to April including, retail sales increased only by 0.3% and this number doesn’t impress at all, because it I the lowest over the last 18 months.

It appears that the statistics on retails sales seems positive only at first sight; so far, it doesn’t show a seasonal interest to some particular groups of goods or any long-term tendency. But investors like such “rich” reports, today’s one is exactly like this.
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