Global macro overview for 19/11/2015:
The recent data regarding retails sales from the UK has been released earlier today. A surprising surge in sales in September was expected to be followed by a small decline last month of 0.4% (4.5% y/y), but the market declined to the level of 0.6% (3.8% y/y). Nevertheless, the current data is not anything unusual as the consumer spending remains strong in the UK If the trend remain intact, retail sales should be 4.2% higher than a year earlier with core sales up 3.9%.
Amid the recent new local high, the GBP/USD pair is still trading under the golden trend line. The next resistance is seen at the level of 1.5295 and support comes at the level of 1.5153.
