The British pound is under pressure of flat inflation data in the UK

The British pound accelerated decline across the entire spectrum of the market based on the publication of data on retail sales in the UK in October, which amounted to 3.0%. As a result, the pound remains under noticeable pressure, especially in crosses. The political risks in the UK provide an additional pressure on the British pound.

The main pair  GBP/USD remains limited to yesterday’s lows and the existing sideways trend. The support level is 1.3060-50.

At the same time cross EUR/GBP broke through a significant resistance 0.8930-40 and is preparing to work out a technical signal for strengthening, receiving support from optimistic data on the euro area.

Hanzenko Anton