The pound did all that it could, but it would be better to immediately fall
June 15, 2018 7:23 am
GBP/USD
In the first half of yesterday, the British pound grew on strong data on retail sales – the May index was 1.3% vs. the expected 0.5% and April’s growth was revised upward from 1.6% to 1.8%. The pound added 70 points. Of course, before the ECB meeting, such growth looked risky, while the upcoming data on retail sales in the US was also expected to be good, which turned out to be the case- U.S. retail sales added 0.8% in May against expectations of 0.4%. On the subsequent collapse of the euro, the pound closed the day down by 110 points.
There is no data for the UK today. In the US, industrial production in May will be released, with a growth forecast of 0.2%. The capacity utilization factor is expected to increase from 78.0% to 78.1%. The consumer confidence index from the University of Michigan for June is expected to increase from 98.0 to 98.5 points. Next week, there will be no important economic data for the UK. On Thursday, the meeting of the Bank of England will take place, the expectations for whichremain neutral.
After overcoming the technical support area 1.3210/60 we are expecting sterling pound at 1.3125.
The material has been provided by InstaForex Company – www.instaforex.com
GBP/USD
In the first half of yesterday, the British pound grew on strong data on retail sales – the May index was 1.3% vs. the expected 0.5% and April’s growth was revised upward from 1.6% to 1.8%. The pound added 70 points. Of course, before the ECB meeting, such growth looked risky, while the upcoming data on retail sales in the US was also expected to be good, which turned out to be the case- U.S. retail sales added 0.8% in May against expectations of 0.4%. On the subsequent collapse of the euro, the pound closed the day down by 110 points.
There is no data for the UK today. In the US, industrial production in May will be released, with a growth forecast of 0.2%. The capacity utilization factor is expected to increase from 78.0% to 78.1%. The consumer confidence index from the University of Michigan for June is expected to increase from 98.0 to 98.5 points. Next week, there will be no important economic data for the UK. On Thursday, the meeting of the Bank of England will take place, the expectations for whichremain neutral.
After overcoming the technical support area 1.3210/60 we are expecting sterling pound at 1.3125.
The material has been provided by InstaForex Company – www.instaforex.com
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