June UK retail sales dropped by 0.1%, less than investors expected. The high cost of living crisis is causing declining sales in the UK. Consumer confidence in the UK is at a record low. Today’s GBP/USD price analysis is bullish as UK retail sales came in higher than investors had expected for June. The Office for National Statistics reported a smaller-than-expected 0.1% drop in May’s retail sales when investors had expected a 0.3% drop. –Are you interested to learn more about forex signals? Check our detailed guide- “After taking account of rising prices, retail sales fell slightly in June, and although they remain above their pre-pandemic level, the broader trend is one of decline,” Heather Bovill, an ONS statistician, said. Rising inflation, driven by sky-high fuel costs, hurts the British economy. “But even so, it is becoming clearer that the cost-of-living crisis is behind the steady decline in sales volumes in recent months,” Dales said. “We think a recession is just around the corner,” said Paul Dales, an economist with Capital Economics. With this in mind, we can assume that the recent pound rally might just be a retracement from oversold conditions. The primary trend, which is down, might continue soon enough. Consumer confidence in the UK is at its lowest since 1974, further pointing to poor economic prospects. GBP/USD key events today GBP/USD investors will receive a lot of data from the UK later today, including composite, manufacturing, and services PMI, all of which are expected to drop. This report will show the activity level of purchasing managers in the manufacturing and services sectors. Investors will also pay attention to the commitment of traders report from the Commodity Futures Trading Commission. It will break down net speculative positions for the pound and the US dollar. Get FREE Forex Signals Now! GBP/USD technical price analysis: Downtrend sustains below 1.20252 Looking at the 4-hour chart, we see the price riding the 30-SMA from above, showing bulls are experiencing a lot of resistance. The price is trading above the SMA, and the RSI is slightly above 50, favoring bullish momentum. –Are you interested to learn more about automated trading? Check our detailed guide- Bears are trying to push the price below the SMA, hence the consolidation. Bears might bring back the downtrend if bulls cannot get enough momentum to retest and break above the July 20 resistance at 1.20252. A break below the SMA would mean a possible retest of the July 14 support at 1.17709. Looking to trade forex now? Invest at eToro! Trade Forex Now! 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money Saqib Iqbal Saqib Iqbal Saqib Iqbal is a market analyst, prop fund trader and mentor, serving the industry with his analysis and educational content since 2011. The author has great exposure to different financial markets and institutions. He's well-known for his day trading reviews and multiple timeframe analysis. View All Post By Saqib Iqbal Majors share Read Next EUR/USD Forecast: ECB Continues Growth-Inflation Balancing Act Saqib Iqbal 3 weeks June UK retail sales dropped by 0.1%, less than investors expected. The high cost of living crisis is causing declining sales in the UK. Consumer confidence in the UK is at a record low. Today's GBP/USD price analysis is bullish as UK retail sales came in higher than investors had expected for June. The Office for National Statistics reported a smaller-than-expected 0.1% drop in May's retail sales when investors had expected a 0.3% drop. -Are you interested to learn more about forex signals? Check our detailed guide- "After taking account of rising prices, retail sales fell slightly in June, and… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.