British Retail Sales is considered one of the most important economic indicators. A reading that is higher than the market forecast is bullish for the British pound. Update: UK retail sales + 0.7% – GBP/USD higher Here are all the details, and 5 possible outcomes for GBP/USD. Published on Thursday at 9:30 GMT. Indicator Background Retail Sales is the primary gauge of consumer spending, a critical component of economic growth. Traders should treat this indicator as a market-mover. Retail Sales disappointed in January with a decline of 0.3%, short of the estimate of a 0.1% decline. The markets are expecting a sharp turnaround in the February report, with a forecast of a 0.4% gain. Sentiments and levels The pound flexed some muscle last week, recovering partially from huge losses since late February. The Fed may have dampened expectations of a rate hike in the next few months, but if US employment data and the GDP release are strong, the dollar could reverse directions this week. So, the overall sentiment is bearish on GBP/USD towards this release. Technical levels, from top to bottom: 1.5296, 1.5008, 1.4813, 1.4621 and 1.4521. 5 Scenarios Within expectations: 0.1% to 0.7%: In such a case, the pound is likely to rise within range, with a small chance of breaking higher. Above expectations: 0.8% to 1.2%: An unexpected higher reading can send GBP/USD above one resistance line. Well above expectations: Above 1.2%: Such an outcome would likely propel the pair upwards, and a second resistance line might be broken as a result. Below expectations: -0.4% to 0.0%: A weak reading could push GBP/USD below one level of support. Well below expectations: Below -0.4%: A sharp contraction by the indicator could push the pound lower and break a second support level. For more on the pound, see the GBP/USD forecast. To follow this event live: [do action=”calendar-event” eventid=”9f9b4613-21ff-4cb7-8170-d3f59d2b2fe2″/] Kenny Fisher Kenny Fisher Kenny Fisher - Senior Writer A native of Toronto, Canada, Kenneth worked for seven years in the marketing and trading departments at Bendix, a foreign exchange company in Toronto. Kenneth is also a lawyer, and has extensive experience as an editor and writer. Kenny's Google Profile View All Post By Kenny Fisher Opinions share Read Next EUR To Gain Further Vs USD, GBP; AUD/USD Holds 50d Yohay Elam 8 years British Retail Sales is considered one of the most important economic indicators. A reading that is higher than the market forecast is bullish for the British pound. Update: UK retail sales + 0.7% - GBP/USD higher Here are all the details, and 5 possible outcomes for GBP/USD. Published on Thursday at 9:30 GMT. Indicator Background Retail Sales is the primary gauge of consumer spending, a critical component of economic growth. Traders should treat this indicator as a market-mover. Retail Sales disappointed in January with a decline of 0.3%, short of the estimate of a 0.1% decline. The markets are expecting… 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.
