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British retail sales held steady

British retail sales held steady | 24 February 2023

24 February 2023, GBP/USD

British retail sales held steady

GBPUSD trading plan:

British retail sales held steady in February after falling in January but stores expected sales volumes to slip again in March as the rising cost of living eats away at disposable incomes. The Confederation of British Industry's distributive trades index rose to +2 this month from -23 in January. The CBI said its survey showed retailers were gloomy about their prospects for the coming three months amid "acute" price pressures. Its average selling price balance fell two percentage points to a still historically high +80 in the three months to February from +82 in the three months to the end of November. The Bank of England has signalled that it believes the tide is turning on Britain's inflation.

Investment idea: buy 1.1975 and take profit 1.2050.

David Johnson
Analyst of «FreshForex» company
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