The volume of retail sales in the UK dropped by 0.1%, disappointing. Expectations stood on a rise of 0.2% after no change in the previous month.
GBP/USD is now trading at 1.5930. Cable already began sliding beforehand, together with other currencies, and now extended its drops.
British figures haven’t been too good of late. Purchasing managers’ indices have been disappointing, and so have recent inflation numbers.
For more about cable, see the GBPUSD forex outlook.
After losing the 1.60 line, the next significant line on the downside is 1.58. It’s important to note that the most recent moves were quite slow, with the pair grinding its way down. In addition, the pair had quite a few false breaks in recent weeks.
