GBP/USD slips after soft UK Retail Sales
The British pound is lower on Friday. In the European session, GBP/USD is currently trading at 1.2201, down 0.27% on the day. The pound can’t find its footing and is down 2.5% in January and a massive 8.8% since October 1.
UK Retail Sales ended the week on a disappointing note. December retail sales declined 0.3% m/m, down from a downwardly revised 0.1% gain in November and shy of the forecast of 0.4%. Quarterly, retail sales fell 0.8% in the fourth quarter. Read more…
GBP/USD Elliott Wave technical analysis [Video]
The GBPUSD daily chart reflects a counter-trend phase based on Elliott Wave Analysis. The current wave configuration exhibits an impulsive structure, focusing on orange wave five, which is part of a broader corrective sequence. This phase represents navy blue wave five of C, the concluding segment of the ongoing correction.
Orange wave four appears completed, allowing orange wave five to unfold. This wave signifies the final stage of the corrective cycle. Upon the conclusion of orange wave five and navy blue wave C, the market is projected to transition into a new bullish trend, heralded by navy blue wave one at a higher degree. Read more…
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