GBPUSD Analysis: Slower decline of UK retail sales bullish for GBPUSD

October 28, 2019

By IFCMarkets

Slower decline of UK retail sales bullish for GBPUSD

UK Confederation of British Industry reported retail sales declined less than expected in October. Will the GBPUSD rise?

EURUSD rising toward MA(200)

The price chart on 1-hour timeframe shows GBPUSD: H1 is in uptrend. The price is rising toward the 200-period moving average MA(200) which is rising. The RSI oscillator is rising but has not reached the overbought zone.

Technical Analysis Summary

OrderBuy
Buy stopAbove 1.2859
Stop lossBelow 1.2839

Market Analysis provided by IFCMarkets