Retail sales in the UK have supported the pound

June 19, 2015

Buy on a level breakthrough of 1.5927 with 1.6019 target. Stop loss = 1.5870.

Reason for the trading strategy

In May, the UK retail sales increased by 0.2% (m/m), with a forecast of +0.0% (m/m). The data reflect growth in consumer spending of British households, which forms a significant part of the country's GDP. From a technical point of view, the GBP/USD pair breaking through the 1.5927 resistance level will serve as a signal for opening long positions in the pound.

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