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The UK retail sales hit a 27year high. The growth in retail sales picked up strongly in the year to May and expectations for the next month are at their highest for 27 years, according to the CBI's latest quarterly Distributive Trades Survey. CBI Director of Economics Rain Newton-Smith said, “Low inflation, which we expect to remain below 1% for the rest of the year, has given household incomes a much-needed boost and greater spending power". The pound fell against USD for the third consecutive day. The stronger US data pushed the majors to lower levels against USD. The cable is trading at a 2-week low.
The cable has the nearest support found at 1.5345. Yesterday, the cable managed to help support at 61.8FE. Intraday support is found at 1.5380, 1.5355, and 1.5345. The hourly momentum indicators indicating oversold levels. The buying opportunity is available in two options. Safe trades should buy above 1.5400 with small targets at 1.5420, 1.5440, and at least 1.5460. Risky traders should use sl 1.5340 to buy. Though, we maintain our view bearish for coming days. Today, we recommend a minor opportunity buying with small sl. Bears have two different options at today's session: to use a rise to sell between 1.5460 and 1.5490 sl 1.5510 or to sell below 1.5340, 1.5300, and 1.5260. Intraday resistance is seen at 1.5470 2Dsma. Weekly support is found at 1.5150 and 1.5100.
To contact the author of this analysis, please email- joseph.wind@analytics.instaforex.com
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