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The GBP/USD currency cross was moving mostly to the North during the previous trading week, opening Monday on a rather optimistic note at 1.547. The Pound climbed to a one-week high against the US Dollar on Thursday, as the release of better-than-expected UK retail sales data fueled optimism over the strength of the British economy. According to the UK Office for National Statistics the retail sales surged by 1.9% last month, blowing past forecasts for a gain of 0.3%. Meanwhile, retail sales in August fell by 0.4%, whose figure was revised from a previously reported gain of 0.2%. Overall, the British currency managed to post confident gains over five trading days; however, on Friday it still faced slight looses and closed at 1.532 on Friday.
During October 26-30 time period the Dukascopy Community members assume this currency pair to rebound, as more than 56% of all votes are bullish. As predicted by traders, the GBP/USD may close around the 1.536 level this Friday. Speaking about the trader's opinions, nuonrg expects bearish development and states that "The 4 hour triple top held the pair capped and price dropped lower. I see the down channel continue to shape the pair with bottom around 1.497 level if it over reacts to the downside. From there it can bounce intermediate. Therefore, I am still bearish, unless price is picked up there by the market."
Concerning important news from Britain, on Tuesday market participants can pay attention to the release of the UK preliminary data on third quarter economic growth. Additionally, the Federal Reserve is to announce its benchmark interest rate and publish its rate statement, which outlines economic conditions and the factors affecting the monetary policy decision. Eventually, the US is to round up the week with data on personal income and spending as well as with a report on manufacturing activity in the Chicago region
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