UK’s February Total Retail Sales indicator rose 4.5% from the prior year, with same store sales rising 2.2%. The UK RICS House Prices however showed a decline to 17% from the prior reading of 32% and the expectation of 30%. The GBP/USD pair had a limited reaction, moving initially off session lows on the better sales figure, before returning to pre-release levels. Looking at Cable we see the pair has run into some resistance at the 100 hr moving average and 38.2% retracement yesterday on the latest move from late February highs to early March lows.
