Negative macroeconomic statistics from the UK | 20 Januari 2020

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.