GBP/USD dips on Friday morning following much bigger than expected drop in UK retail sales, which fell by 3.2% in July after 1.6% drop in June and str
Traders sold pound after downbeat data further boosted fears about the negative impact on the economy, already hit by high inflation and 14 consecutive interest rate increases, which push the borrowing cost to 5.25%.
Fresh weakness cracked pivotal supports at 1.2724/17 zone but needs to register close below these levels to confirm bearish signal. Although recent weakness was contained by daily Ichimoku cloud and subsequent recovery was moving along with rising cloud top, long upper shadows of daily candles in past three days, warned of strong offers and persisting risk of recovery stall, as near-term bulls likely got trapped above 20DMA .GBP/USD failed to clear important technical resistance at 1.
The near-term technical outlook fails to offer directional clues but the cautious market stance is likely to make it difficult for the pair to gain traction ahead of the weekend. Retail Sales in the UK declined 1.2% on a monthly basis in July. Retail Sales ex-Fuel contracted 1.4% in the same period. Both of these readings came in worse than analysts' estimate and cause Pound Sterling to weaken against its major rivals.GBP/USD snaps a three-day winning streak, currently hovering around 1.2720 in the Asian session on Friday.Retail Sales
declined 1.2% in July on month, swinging from a 0.6% increase in June significantly below the 0.5% decline that was expected for July. Moreover, the year-on-year figures showed a contraction of 3.2%, against the previous -1.6% and falling short of the projected -2.1%.
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