Will GBP slump?

The British retail sales will be announced on Friday at 9:00 MT time.

Instruments to trade: GBP/USD, GBP/CAD, GBP/AUD, GBP/CHF, GBP/JPY, GBP/NZD

Let us remind you that the British lockdown started on March 24. For two weeks from that day sales dropped by 27%! It happened as all the stores except supermarkets were closed. According to the British retail consortium, in comparison with 2019, this years’ March sales fell by 4.3%. That was the largest sales fall in the history of the UK. Even the panic-buying ahead of the quarantine didn’t help to increase the spending rate. As a result, the British pound plummeted. Now we are waiting for the retail sales data from the government. As the country extends the lockdown, the numbers will probably be disappointing.

If the retail sales’ indicator is greater than the forecast, the British pound will rise, otherwise – fall.

Check the economic calendar

Kseniia Medik

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