Great Britain released retail sales data on May 20, 9:00 GMT+3. The reading outperformed expectations greatly (+1.4% actual vs. -0.3% forecast).
GBP/USD: pound got in the corner
2019-11-11 • Updated
SELL 1.415 SL 1.4205 TP1 1.405 TP2 1.3950
SELL 1.3795 SL 1.3850 TP1 1.3695 TP2 1.3560
On the daily chart, GBP/USD bulls managed to defend the important level of 1.3830 and want to consolidate in the 1.3800-1.4150 area. If the pair renews February low, the risks of it going to 88.6% target of the “Bat” pattern will increase.
On H1, GBP/USD bulls try to form “Wolfe waves”. If they manage to do it, the pound may rise to the upper border of the descending channel at $1.41-1.4150. The pullback to the downside will be a selling signal.
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