The monthly retail sales report for the UK disappointed. Data showed that retail sales fell 0.1% on the month in October. This was below estimates of a 0.2% increase and down from a flat price in the previous month.
The weak retail sales will likely dampen the growth for the region during the month.
GBP/USD Breakouts Off Resistance
Cable broke to the upside breaching the resistance level of 1.2865. The current gains come amid renewal in the momentum.
Price action could, however, remain range-bound. The upside is limited to the resistance level of 1.2960 region in the near term. Further direction will gain momentum only on a breakout above this level.
