MARKET BRIEFING – LONDON OPEN 23.07.2015
This morning at 9:30 am London time, the U.K. Office for National Statistics will release the monthly Retail Sales figures.
This month the data is expected to rise further to 0.4%, comparing to 0.2% of the previous release. The retail sales advance is supported by the growth of the nation’s discretionary spending ability and also encouraged by the decline in the inflation levels. In addition, the earnings growth is picking up the pace which positively influences the consumer sentiment. It is currently at the highest levels since the economic crisis of 2009.
Should the release confirm or exceed the expectations that would likely give a further boost to the boost to the strengthening British Pound.
The current luck of stability in currencies and unpredictability of the stock market, could cause the investments to consider switching to the British Pound shortly, as it provides relative stability.
The Retail Sales indicator tracks a change in the total value of inflation-adjusted sales at the retail level. In order to have representative figures, the survey takes different business entities as a sample.
This data is released approximately twenty days after a month ends and plays a substantial role as an indicator of the economic activity within the United Kingdom. The consumer spending constitutes for the majority of a country’s economic activity, the announcement will likely to cause high market volatility of the GBP pairs.
EURUSD
The intraday technical outlook
Trend 1 hour: Down
Target 1: 1.1047
Target 2: 1.0807
Projected range in ATR’s: 0.0120
Daily control level: 1.1050
GBPUSD
The intraday technical outlook
Trend 1 hour: Range
Target 1: 1.5724
Target 2: 1.5496
Projected range in ATR’s: 0.0114
Daily control level: 1.5575
USDJPY
The intraday technical outlook
Trend 1 hour: Up
Target 1: 123.83
Target 2: 123.05
Projected range in ATR’s: 0.8887
Daily control level: 123.00
USDCHF
The intraday technical outlook
Trend 1 hour: Up
Target 1: 0.9687
Target 2: 0.9505
Projected range in ATR’s: 0.0091
Daily control level: 0.9400
USDCAD
The intraday technical outlook
Trend 1 hour: Up
Target 1: 1.3125
Target 2: 1.2925
Projected range in ATR’s: 0.0086
Daily control level: 1.2675
AUDUSD
The intraday technical outlook
Trend 1 hour: Down
Target 1: 0.7461
Target 2: 0.7289
Projected range in ATR’s: 0.0086
Daily control level: 0.7490
GOLD
The intraday technical outlook
Trend 1 hour: Down
Target 1: 1109.65
Target 2: 1079.27
Projected range in ATR’s: 15.186
Daily control level: 1160.00
OIL
The intraday technical outlook
Trend 1 hour: Range
Target 1: 57.88
Target 2: 54.44
Projected range in ATR’s: 1.7200
Daily control level: 51.00
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