UK retail sales: If the statistics turns out better than expected, the FTSE index will get support
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UK economy and the stock market is past the inflation report, but still ahead of the retail sales, which, according to Andrey Goilov (RoboForex), could support FTSE index.
FXMAG.COM: Are you of the opinion UK retail sales is going to provide support to FTSE?
The situation in British retail sales over the last two months is rather disappointing: the index kept falling while inflation kept growing. The higher rise prices over the country, the less consumers can afford - and retail sales drop. The nearest release is scheduled for 17 February. An average forecast is a decline by 0.3% m/m in January after falling by 1% in December. Retail sales have been falling for the whole of the last year with the only exception in October 2022, when they grew by 1.2%. If the statistics turns out better than expected, the FTSE index will get support.
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The FTSE 100 index has been in an ascending channel since mid-October 2022. Thereare no reasons as yet that the channel will reverse. Moreover, further growth is confirmed by the main technical indicators, trend and oscillators alike. Trade volumes of the FTSE 100 are average. All this confirms the current trend and the main scenario of growth.
