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