Trading Tips:The pound edged up to six-month highs against the U.S. dollar in quiet trade on Thursday, as demand for the greenback remained broadly under pressure after the previous session’s U.S. retail sales data.The dollar remained under pressure after the U.S. Commerce Department said on Wednesday that retail sales were unchanged, compared to expectations for a 0.2% increase. Core retail sales, which exclude automobile sales, rose just 0.1%, undershooting forecasts for a 0.5% gain. The data underlined expectations that the Federal Reserve will delay hiking rates until later in the year, after recent figures showed that the U.S. economy expanded just 0.2% in the first quarter. The pound recovered after the Bank of England on Wednesday trimmed its forecast for growth this year to 2.4%, down from 2.9% three months ago. The central bank added that it expects inflation, which currently stands at a record-low zero, to return to its 2% target in two years’ time, little changed from its last report.
RECOMMENDATION:
BUY GBP/USD ABOVE 1.5815 TARGET 1.5835 1.5865 SL 1.5785
SELL GBP/USD BELOW 1.5725 TARGET 1.5705 1.5675 SL 1.5755
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