GBPUSD – Flat
GBPUSD trading plan:
British retail sales fell much more than expected in August, in another sign that the economy is sliding into recession as the cost-of-living crunch squeezes households‘ disposable spending. Retail sales volumes dropped by 1.6% in monthly terms in August, the Office for National Statistics said – the biggest fall since December 2021. All of the main retail sectors – food stores, non-food stores, non-store retailing and fuel – fell over the month for the first time since July 2021, when COVID-19 restrictions on hospitality were lifted, the ONS said. Feedback from retailers suggests that consumers are cutting back on spending because of increased prices and affordability concerns.
Investment idea: sell 1.1429 and take profit 1.1340.
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