GBP/USD at the lowest for the month ahead of UK retail sales

By FXstreet.com | July 23, 2014 AAA

FXStreet (Bali) - GBP/USD
is trading near its lowest level for the month, currently exchanging hands at 1.7035 ahead of UK retail sales, which should produce high volatility.



The Pound traded weaker on Wed after BoE minutes and Carney speech. Peter Fell from FXBeat noted: "BoE Minutes provided no clues, the vote was unanimous, the market had been expecting some sort of dissension in the ranks, Carney's speech added little to the debate on rate hikes."



"The next headwind for Sterling is the Retail sales at 08:30 GMT, the market is looking for a decent rebound from the soft May report (ex-auto +0.3%m/m up from -0.5% in May. Buy orders are cited between 1.7010/20, that fits in nicely with support seen at 1.7001, 38.2% fib on the 1.6693 / 1.7192 rise", Fell added.



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