The pound continues to decline. Retail sales in the UK

The British pound continues to decline against the US dollar, against the backdrop of weak statistics on retail sales in the UK.

• According to published data, the volume of retail sales in March fell by -1.2%, against the growth in the previous period at 0.8%. On an annualized basis, the growth slowed to 1.1%, down from the previous level of 1.5%.
• The base retail sales index fell in March by -0.5%, against the growth of the previous month at the level of 0.4%. On an annualized basis, the growth slowed to 1.1%, against the previous level of 1.2%

Technical analysis: The pair GBP/USD, despite the decline, still retains its upside potential in the short term. The nearest levels of support are 1.4145, 1.4100. Resistance levels are 1.4240, 1.4280.

Key recommendations: The pair GBP/USD should consider both purchases and sales from the above support and resistance levels with a potential movement of 50-80 points. Signal for entering the transaction will be the formation of a candle turn on H1, from support and resistance levels.

Fig. GBP/USD. The current price is $ 1.4178.

Alexander Sivtsov