Weak retail sales data from UK 🔎What's next for GBPUSD?

UK retail sales (YoY) came in at 0.0% versus expectations of 1.3% and the previous reading of 1.7%, pointing to a clear slowdown in consumer spending. On a monthly basis, retail sales fell 1.3%, while the market had expected only a 0.6% decline. The previous reading showed a 0.7% increase.

Core retail sales (MoM), excluding fuel, declined 0.4% compared to the expected 0.3% drop, after rising 0.2% previously. Meanwhile, core retail sales in annual terms fell 1.1%, whereas the consensus forecast had pointed to 1.7% growth, highlighting significantly weaker consumer demand in the UK economy.

GBPUSD (H1)

Looking at the GBPUSD chart, the market reaction remains relatively muted. Nevertheless, the “cable” is clearly struggling to maintain bullish momentum, while weak UK data is supporting the bearish case. We can also identify a potential symmetrical triangle formation - if the pair drops below 1.34, a downside breakout scenario could become increasingly likely, initially targeting support zones around 1.337 and 1.33. On the other hand, a move above 1.344 could reverse the current bearish momentum.

Source: xStation5

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