GBPUSD Fundamental Analysis – 21-October-2024

The British pound climbed past $1.30 as recent data revealed stronger-than-expected consumer spending in the UK for September. This spending boost shows the economy’s strength. Despite worries over possible tax increases soon, retail sales went up by 0.3%, defying the forecasted 0.3% decrease.

The GBP/USD 4-hour chart below demonstrates the price, support, and resistance levels.

Retail Sales Surpass Expectations

Retail sales increased significantly by 1.9% in the third quarter, the highest rise since mid-2021. This positive change in consumer behavior has led to speculation that the Bank of England might adjust its cautious approach to interest rates.

Despite the positive news, the pound is on track for its third consecutive weekly fall against the strong US dollar.

About The Author

Ethan O. Miller

Ethan O. Miller is a seasoned Forex analyst. His insightful articles offer a unique perspective on currency trends, aiding both novice and experienced traders in navigating the Forex market.

See author's posts