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GBPUSD: consolidation before the publication of the retail sales in the UK

Buy on a level breakthrough of 1.5850 with 1.5900 target. Stop loss = 1.5800.

Reason for the trading strategy

In April, the unemployment rate in the UK was 5.5% and the average wages increased from 2.3% (y/y) to 2.7% (y/y). In May, the number of unemployed in the country decreased by 6.5 thousand. Today, the data on the UK retail sales for May will be published. The rate is not expected to change on a monthly basis. Against the background of continued weakness of the US dollar, the GBP/USD pair may test the level of 1.5900 in the short term.



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