22, April 2013

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

GBPUSD was falling at the end of the last trading week. However, the trading was very active and the bears dominated only in the second half of the day which does not change the overall picture of the market.

Risk appetite is in an unstable position in the market. On the one hand the U.S. currency attracts players, amid deteriorating macroeconomic social statistics from Europe, China and even the United States, but on the other hand Euro with the pound do not hurry to test new minimums, hoping supporting news appear.

The pound looks very good and sometimes it is traded even better than the euro.

UK disappointed us with its statistics on Thursday, April 18, when the retail sales volume for March was published. In monthly terms, the decline in sales was 0.7% m/m, versus a growth of 2.1% m/m in the previous month.

In annual terms, sales fell by 0.5%, compared to a growth of 2.6% over the previous period. Both figures are almost exactly in line with analysts' expectations, so there was not a vigorous reaction at the market.