The pound is under pressure

The British pound fell sharply based on disappointing data on retail sales in the UK.

• According to published data, retail sales decreased by -0.8% in September against growth of 0.9% in August. On an annualized basis, the growth rate fell to a level of 1.2%. Against the previous value at 2.3%.
• The base retail sales index fell by -0.7% in September, against the previous growth of 0.9%. On an annualized basis, the growth slowed to 1.6%, against the previous level of 2.6%.

For more information, refer to the focus of the market.

At the moment, the pair GBP/USD is trading near the level of 1.3140. The nearest level of support is in the area of 1,3100, in case of a stronger decline and consolidation of the pair below this level, the way will be opened for the price to 1.3030 level.

Alexander Sivtsov