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UK consumers have been cutting back

UK consumers have been cutting back | 21 November 2022

21 November 2022, GBP/USD

UK consumers have been cutting back

GBPUSD trading plan:

British retail sales staged only a partial rebound last month after shops closed in September for the funeral of Queen Elizabeth, and they remained below their pre-pandemic level as soaring inflation hits spending power. Retail sales volumes rose in October by 0.6% month-on-month, following a 1.5% drop in September. Consumers have been cutting back on their spending as inflation has soared, hitting 11.1% in October according to data published earlier this week. The Office for Budget Responsibility said household disposable incomes would fall by 4.3% in the current financial year and by 2.8% in 2023/24, the sharpest declines in records dating back to the 1950s.

Investment idea: range 1.1800 - 1.1900.

David Johnson
Analyst of «FreshForex» company
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