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Trader, analyst and instructor with a 6-year experience

GBP dipped on weak UK retail sales

FXBAZOOKA.com - GBP/USD dipped to $1.6570 after the UK retail sales report. Data showed consumption demand increased less than expected: 0.1% m/m and 2.6% y/y versus 0.4% m/m, and 3.0% y/y forecasted. Cable now holds slightly above the daily lows of $1.6563.

According to analysts at Scotiabank, GBP/USD looks for a test of the March 1.6460 low. All the technical studies warn for a downside risk. 

Chart. Daily GBP/USD

 

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