The retail sales numbers continue to hurt GBP/USD

Note: This section contains information in English only.
Source: Dukascopy Bank SA
On December 20th, the Office for National Statistics reported on the UK's monthly retail sales. Retail sales volumes rose by 0.2% in November 2024, following a 0.7% drop in October 2024. Supermarkets and non-food stores saw growth, but this was partly offset by a decline in clothing sales. Black Friday, which took place on November 29, 2024, was outside the reporting period (October 27 to November 23, 2024), but the data was adjusted for this timing shift. Food store sales grew by 0.5% in November, marking the first increase in three months, mainly driven by supermarkets. Non-food stores, including department, clothing, household, and other stores, grew by 0.2%. Other retail sales surged by 7.9%, recovering from a 7.1% drop in October. Household goods stores grew by 1.1%, with furniture stores contributing most to the rise. Clothing store sales fell by 2.6% in November, following a 3.5% decline in October, reaching their lowest level since January 2022. Retailers said economic factors were affecting clothing sales.



The GBP/USD currency pair reacted to the news regarding retail sales, declining towards 1.24800. The 14-period RSI suggests that a reversal towards 1.2600 could be considered if the market demands a stronger GBP against the dollar. However, if further downside momentum continues, it could push the FX pair towards 1.2300.
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