The British Retail Consortium (BRC) posted its expectations for retail sales, year-on-year, this morning with results coming in line with much of the rest of the world. Sales of retail goods have been dropping globally these past few months as economic data reveals a sluggish recovery.
The BRC Monitor posted a 2.1% decline in retail sales data, which has so far translated into a continued decline in the British pound. The GBP/USD has sunk from its recent high to a current price near 1.6330. If news out of the UK persists with such negative reports, the pound is likely to continue sinking.
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Greg Holden is the Chief Market Analyst at ForexYard. Greg uses his detailed knowledge of fundamental and technical analysis to provide some of the leading market forecasts in the forex world today. A guest lecturer at forex symposiums and Chief Editor of ForexYard's analysis center, Greg brings highly detailed and easy-to-use market analyses to his clientele. He has been published on ForexYard's Trading Blog and affiliate websites. Greg holds degrees in Political Science and Economics from Missouri State University, as well as a Masters degree in Middle Eastern History.
