British Pound under selling pressure after UK’s inflation figures failed to meet expectations.
UK headline CPI rose at an annualized 2.4% y/y missing forecasts at 2.6%. Core CPI fell to 1.9% y/y.
Poor inflation figures could pour cold water over expectations of a rate hike by the Bank of England at its August meeting.
GBP/CHF is extending weakness after break below 21-EMA.
Technical indicators on daily charts have turned bearish. Stochs and RSI are sharply lower.
Price is hovering around strong trendline support at 1.3050. Break below to see further weakness.
Watch out for break below 1.3050 for further weakness, target 1.3025/ 1.30/ 1.2975
UK headline CPI rose at an annualized 2.4% y/y missing forecasts at 2.6%. Core CPI fell to 1.9% y/y.
Poor inflation figures could pour cold water over expectations of a rate hike by the Bank of England at its August meeting.
GBP/CHF is extending weakness after break below 21-EMA.
Technical indicators on daily charts have turned bearish. Stochs and RSI are sharply lower.
Price is hovering around strong trendline support at 1.3050. Break below to see further weakness.
Watch out for break below 1.3050 for further weakness, target 1.3025/ 1.30/ 1.2975
June Retail Sales m/m is forecast to clock in at just 0.4%, compared to the previous month's 1.3%. The y/y Retail Sales for June are expected to remain flat at 3.9%.
Monthly Core Retail Sales (excluding fuels) for June is also expected to decline, with traders calling for a slide from 1.3% to 0.3%.
We would see any positive surprise in the data which could provide momentary spike in GBP as a good entry.