Header help text

Start trading with a free $30

There is no better time than now
Your first deposit is on us


Grab your $30 from XM

Currency
by ForexNewsNow Team on September 16, 2010

GBP USD analysis: Pound drops on disappointing U.K. retail sales

GBP USD analysis - a heap of poundsNEW YORK (Forex News Now) – The pound slid against the dollar on Thursday, after a report showed that U.K. retail sales dropped unexpectedly in August and as FX traders awaited a raft of key U.S. economic data.

In European morning currency market trading, GBP/USD hit 1.5584, down 0.25 percent on the day, after pulling back from Wednesday’s 3-week high of 1.5652.

The U.K. Office for National Statistics said earlier that retail sales, a key indicator of consumer spending, dropped 0.5 percent during the month, after a downwardly revised increase of 0.8 percent in July. Analysts had expected a modest rise of 0.3 percent in August, according to two currency market trading news outlets.

According to GBP USD analysis, cable was likely to touch support around the low of Sept. 7, 1.5297, and encounter resistance around Tuesday’s high, 1.5587.

Later in the day, the United States was due to publish data on unemployment claims, net foreign purchases of U.S. securities, producer price inflation, its current account and manufacturing activity in the Philadelphia area – all of which was likely to impact online FX trading.

Elsewhere, the pound slumped versus the euro: EUR/GBP traded at 0.8386, up 0.69 percent, according to intraday analysis.

By ForexNewsNow Team

This is a general account of the ForexNewsNow Team. It is used to published exclusive content carefully crafted by our experts as well as it is used to bring you the most recent industry highlights from our guest contributors that wish to remain anonymous.

More content by ForexNewsNow Team

Comments (0 comment(s))