GBP/USD: Daily Technical Analysis For July 24, 2015

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Fundamental Analysis:

The Great Britain pound traded lower against the U.S. dollar in Thursday’s trading session, after the release of downbeat U.K. retail sales data.

The U.K. Office for National Statistics reported on Thursday that retail sales declined by 0.2% last month, disappointing forecasts for a gain of 0.3%. Retail sales in May rose by 0.3%, whose figure was revised from a previously reported gain of 0.2%.

Year-on-year, retail sales rose 4.0% in June, below expectations for a 4.9% gain, after rising at a rate of 4.7% in May.

Core retail sales, which exclude automobile sales, fell by 0.2% last month, compared to forecasts for a 0.3% rise, after gaining 0.4% in May.

The data came after BoE Governor Mark Carney said last week that the decision to raise interest rates from record lows will come into sharper focus around the end of 2015, his strongest hint yet about the timing of the British central bank’s next move.

Meanwhile the U.S dollar gained strength during New York session after data showed that U.S. jobless claims fell to the lowest level since November 1973 last week, adding to expectations for an upcoming U.S. rate hike.


Technical Analysis:

Intra-day bias remains bearish in the short term picture as 21 crosses 55 EMA freshly on the 1 hour chart. Also SSRC oscillator shows more selling momentum is intact as more decline to 1.5449 support is expected.



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