10 August 2023, GBP/USD
GBPUSD trading plan:
British retailers suffered from heavy rain in July on top of the impact of high inflation with sales growth dropping to an 11-month low, a fresh survey showed. The British Retail Consortium said retail sales values rose by 1.5% compared with July last year, less than half the 12-month average growth rate of 3.9% and down from this year's peak of 5.2% from February. The data is not adjusted for inflation so July's small rise in spending represented a fall in terms of sales volumes. Consumers have largely coped with the cost-of-living squeeze so far but stubbornly high inflation coupled with rapidly rising interest rates will test their ability and willingness to keep on spending for the rest of this year.
Investment idea: sell 1.2750 and take profit 1.2675.
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