Global macro overview for 22/10/2015:
At 8:30 am GMT today, the Office for National Statistics revealed the retails sales report that was better than expected ( 1.9% vs. 0.4% expected). The revisions of the previous data was softer than anticipated. This is quite a good example of increased consumer spending when the wages are slowly but surely rising. In that case, the current concern of the Bank of England should be the inflation reading as the 2% target is getting harder and harder to hit.
The GBP/USD pair is still trading below the strong technical resistance at the level of 1.5508. Any breakout higher will directly expose the recent top at the level of 1.5659. The technical support is seen at the level of 1.5412.