FxWirePro

Trading Cable on UK retail sales

FX:GBPUSD   British Pound / U.S. Dollar
288 0 6
Cable has broken major resistance 1.5250 and jumped till 1.52940. Intraday trend is bullish as long as support 1.5220 holds. Market is expected to move further only after the UK retail Sales data.

UK retail sales data is expected to decline 0.5% m/m compared to 1.9% growth reported in Sep. The strong jump in previous retail sales was mainly due to the Rugby world cup. Dismal UK retail sales number will drag the pair further down till 1.5150 level.

If UK retail sales contracts more than forecast of 0.5%. It is good to sell GBP/USD             below 1.5240 with SL around 1.5300 for the TP of 1.5150/1.5080.

If UK retail sales expands more than 0.5%. It is good to buy above 1.5300 with SL around 1.5250 for the TP of 1.5400
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