17 May 2023, GBP/USD
GBPUSD trading plan:
U.S. retail sales rose 0.4% last month, missing traders' expectations for a 0.8% increase, after dropping 0.7% in March. Retail sales are mostly goods and are not adjusted for inflation. Online retail sales surged 1.2%, likely as price-conscious consumers continue to seek discounts and deals. Sales at food services and drinking places, the only services category in the retail sales report, rose 0.6%. Even as consumers remain resilient, they are also showing some fatigue as inflation gradually slows, forcing cuts in purchases of some big-ticket items as well discretionary spending. Furniture store sales fell 0.7% while receipts at electronics and appliance stores dropped 0.5%. Spending on hobbies decreased 3.3%. Sales at service stations fell 0.8%.
Investment idea: buy 1.2415 and take profit 1.2500.
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