British retail sales made a nice comeback. A rise of 0.7% was reported in the UK, more than 0.5% that was expected. This follows a big drop of 1.3% reported last month. GBP/USD is moving higher and approaching resistance. Retail sales are an excellent gauge of the economy and also of consumer confidence. The 1.3% drop reported in the month of May (revised upwards from -1.4%) was blamed on a “consumer hangover” after the Royal Wedding. It now seems that British consumers are getting back to normal and GBP/USD is on the rise. Cable is now at 1.6184, up from 1.60 before the release. It is capped by the 1.62 line that already held strong earlier in the day. Also in Britain, the government borrowed 12 billion pounds, lower than 15.2 billion recorded last month, and within expectations. The current British government vowed to curb public spending, but the success is limited. Yesterday, the pound had a small relief rally as the talks about a second quantitative easing program in Britain were muted in the meeting minutes of the MPC. Only one member, Adam Posen, continued voting for QE. The vote for a rate hike remained 7:2 against such a move, as it did in previous sessions. Support for cable is at 1.6110, followed by the round number of 1.60. Resistance is at 1.62, followed by the region of 1.6280 to 1.63. For more lines and events, see the GBP/USD forecast. Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading News share Read Next EUR/USD July 21 – Falling Sharply As a Greek Default Yohay Elam 12 years British retail sales made a nice comeback. A rise of 0.7% was reported in the UK, more than 0.5% that was expected. This follows a big drop of 1.3% reported last month. GBP/USD is moving higher and approaching resistance. Retail sales are an excellent gauge of the economy and also of consumer confidence. The 1.3% drop reported in the month of May (revised upwards from -1.4%) was blamed on a "consumer hangover" after the Royal Wedding. It now seems that British consumers are getting back to normal and GBP/USD is on the rise. Cable is now at 1.6184, up from… 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.