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Negative macroeconomic statistics from the UK

Negative macroeconomic statistics from the UK | 20 January 2020

20 January 2020, GBP/USD

Negative macroeconomic statistics from the UK

GBPUSD trading plan:

We are expecting a downtrend to develop. Negative macroeconomic statistics from the UK signal a decline in the value of the British currency. U.K. retail sales disappointed again in December dropping 0.6%. November sales were also revised down to a drop of 0.8% from an originally reported 0.6%. Many retailers, including big high-street names such as John Lewis and Marks and Spencer, have struggled as political instability and worries over Brexit weighed on consumer confidence. Investors are pricing in around a 70% chance of a rate cut from the Bank of England 30 January.

Trading recommendation: Sell 1.3011 and take profit 1.2985.

David Johnson
Analyst of «FreshForex» company
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