The United Kingdom released Retail Sales YoY earlier in the session; data came out worse than expected with a 3.4%, expert consensus was at 3.3%. The pound is down 0.98% today and -2.3% in the last three trading sessions.
There will be high-impact economic indicator releases on Tuesday; the UK will announce S&P Global/CISC Manufacturing PMI; analysts expect the data to come out at 52, a higher number will strengthen the GBP, and a lower reading will weaken the pound despite being in the expansion are above 50.
The US will also release S&P Global Manufacturing; expert consensus is at 51.9; a higher number will strengthen the USD.
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The Bollinger bands are expanding aggressively, indicating that volatility will continue to be high in the short term. The price is trading below the lower band, suggesting that the price is relatively low; we could see a temporary retracement soon.
The relative strength index is at 34%, which is very close to entering an oversold status; once it gets closer to 30%, we will likely see a change in the market sentiment. Our parabolic SAR indicator suggests that the price will continue to fall.
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