12.07.201609:55 Forex Analysis & Reviews: Global macro overview for 12/07/2016

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Global macro analysis for 12/07/2016:

The UK Retail Sales data published after the Brexit showed that the country is starting to struggle after this historical decision. The British Retail Consortium-KPMG Retail Sales Monitor that provides an overview of the retail industry performance plunged 0.5% in the 12 months through June following a 0.5% expansion the previous month. This kind of data might suggest that British consumers might have started to tighten the belt due to uncertain economic outlook.

Let's now take a look at the GBP/USD technical picture in the 4H time frame. Bulls are trying to rally, but so far they have managed to get to the nearest resistance at the level of 1.3116 and the rally was capped by 55 moving average. The outlook is still bearish, but the corrective occasional rally upward might provide excellent opportunity to open short positions.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.