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GBP/USD Resumes Falls On Plunging Retail Sales
The volume of retail sales in Britain fell by 1.4% in May – quite a plunge. Early expectations stood on a drop of 0.5%. GBP/USD is now falling to support. Pound/dollar fell to 1.6115, just above support at 1.6110, which holds for now. April saw a nice rise in retail sales. This was partially attributed to the enthusiasm towards the Royal Wedding that took place at the end of the month. The reversal was expected, but not so sharp. GBP/USD fell sharply in recent days, losing the important support region of 1.6280 – 1.630. If support at 1.6110 is broken, the next level is 1.60, followed by 1.5940. The pound was hit ... (full story)
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