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Positive macroeconomic statistics from the UK

Positive macroeconomic statistics from the UK | 18 September 2020

18 September 2020, GBP/USD

Positive macroeconomic statistics from the UK

GBPUSD trading plan:

Retail sales volumes rose by 0.8% in August, the UK Office for National Statistics said. Compared with a year earlier, they were up 2.8%, just below forecasts of 3.0% annual growth. Sales had already overtaken pre-COVID levels in July and now stand 4.0% higher than before the crisis, although economists are cautious about what will happen later this year if unemployment rises sharply as forecast. Online and mail order sales were up 34.4% on the year in August, while most traditional retailers outside the grocery sector have suffered reduced footfall.

Trading recommendation: Buy 1.2970 and take profit 1.3025.

David Johnson
Analyst of «FreshForex» company
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