GBP/USD Might Start a Bullish Retracement if US Retail Sales Grows at Slower Pace

GBP/USD – Technical Analysis for Forex Trading & CFDs.

­­United Kingdom – Claimant Count Change

On Tuesday, at GMT 8:30 a.m., the UK’s Office for National Statistics will release the Claimant Count Change figure. It measures the changes in the number of people claiming unemployment-related benefits during the previous month.

The Claimant Count Change figure is the first fundamental indicator that confirms the employment situation in the UK. Hence, binary options investors consider this to be an important indicator of consumer spending in the coming months. This is because consumer spending is highly dependent on the labor market situation in the country.

Last month, the UK’s Claimant Count Change figure came out at 11,600. The forecast for this month is currently set at 13,300.

United States – Retail Sales

On Tuesday, at GMT 12:30 p.m., the US Census Bureau will release the national month-over-month retail sales figure. It measures the changes in the total value of all sales made at the retail level in the country over the past month.

Retail sales data are considered by binary options traders to be the primary gauge of consumer spending and confidence. This is because when consumers are confident about their future financial situation, they tend to spend more.

Last month, the US retail sales value increased by 0.6%. Analysts are expecting that this month, it would likely increase by 0.4%.

GBP/USD Forecast

Since November 3, 2017, the GBP/USD remained highly bullish. Over the last six months, it has climbed up by around 1,340 pips. However, after reaching near the psychological pivot zone around 1.4350, it found a strong resistance. Consequently, the GBP/USD turned bearish in April and the price fell by around 900 pips. It also broke below the uptrend line earlier in April 20, 2018. Currently, the GBP/USD appears to have rebounded, but found a strong resistance near the 1.3600.

Analysts are expecting the UK’s Claimant Count Change figure to increase from 11,600 to 13,300 over the last month. On the other hand, the US retail sales may grow at a slower pace last month, at 0.4% compared to 0.6% in the previous month. We believe it would set a bullish fundamental outlook for the GBP/USD this week. Therefore, if the GBP/USD closes above the resistance near 1.3600, it would likely attract additional bullish momentum in the market.

Hence, US binary options traders should look out for trading opportunities above this major resistance level around 1.3600.

BTC/USD Forecast

Since February 2018, the BTC/USD remained mostly range bound and traded within the 6,650 and 11,600 levels. Over the last three weeks, the bitcoin price turned bullish, but found strong resistance near the 10,000 level.

Bloomberg reported last Friday that Chinese smartphone manufacturer Huawei is partnering with BTC.com to introduce a mobile cryptocurrency app. Huawei is considered to be one of the largest phone makers in the world. If the company offer the cryptocurrency app to its customers, it will add a lot of new cryptocurrency users in a very short time. The news could prove to be a positive news for the cryptocurrencies and bitcoin will certainly benefit from the trend. Therefore, if the BTC/USD breaks above the resistance near the 10,000 level, it will likely find additional bullish momentum in the market.

Hence, US bitcoin traders should look out for trading opportunities above this major resistance level around 1.3600.

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