On September 20th at 4:30am U.K. Retail Sales will be released by the Office for National Statistics.
They will gauge the change in the total value of inflation-adjusted sales at the retail level.
Being the primary measuring tool concerning consumer spending, this news release can create volatility and/or confirm some current signals with the GBP (Great British Pound).
Last week’s U.S. Quantitative Easing catapulted the GBP up to the current resistance level it is facing.
This week’s U.S. Dollar strength brought the GBP/USD down. Negative GBP news tomorrow could contribute to the GBP/USD bears. Tomorrow there will also be some critical USD news (Unemployment Claims, Philly Fed Manufacturing Index) so the GBP/USD volatility should be interesting. For a full economic calender, check here.
The GBP/USD Technicals are very interesting. In my opinion, I think with fundamental confirmation, there could be a nice short opportunity. Take a look at what I’m seeing below:
More GBP Insight
Economist James Knightley at ING Bank NV said: “The Bank of England will have room to implement more quantitative easing”.
With the U.K. unemployment rate around 8% it’s not surprising that they are willing to take further measures.
Lot’s of upcoming possible volatility in the U.K..
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