...

GBPHKD Forecast: Hungary’s Retail Sales Dip

Share

In today’s comprehensive GBPHKD forecast, we will first scrutinize the current economic conditions in Hungary. Following that, we will meticulously delve into the details of the technical analysis pertaining to the GBPHKD pair.

A Downward Trend in Hungary’s Retail Sales

In September 2023, Hungary’s retail sales experienced a downturn, falling by 7.3% compared to the same month in the previous year. This followed a 7.1% decrease in August, marking the tenth consecutive month of declining retail activity.

A Closer Look at the Sales Components

The decline was more pronounced in certain sectors. Sales of automotive fuel saw a further decrease, dropping by 19.9% compared to an 18.1% decrease in August. Non-food products also saw a significant decrease in sales, falling by 7.5% compared to a 5.2% decrease in the previous month.

On the other hand, the sales of food, beverages & tobacco fell at a slower rate of 2.3%, improving from a 4% decrease in August.

Monthly Sales and Year-to-Date Comparison

On a month-over-month basis, retail sales saw a slight increase of 0.1% in September, bouncing back from a 0.5% decrease in August. However, when considering the January-September period as a whole, retail trade was down by 9.3% compared to the same period in the previous year.

GBPHKD Forecast

The GBPHKD currency pair is currently in a phase of testing. It’s challenging the upper line of the previously broken bearish channel, as seen on the daily chart. The market sentiment leans towards the bullish side, with the pair comfortably hovering above the pivot point. Consequently, we anticipate an upward trajectory for the GBPHKD price, potentially targeting the 9.8 resistance level.

gbphkd forecast

GBPHKD Forecast – Daily Chart

Now, let’s broaden our perspective and zoom in to the 4-hour chart to identify potential triggers for this bullish scenario. If the pair manages to close above the 9.61 weekly pivot and the kernel line, this could serve as a strong signal that the uptrend is set to continue. In such a case, the next target would likely be the R1 level, situated around the 9.773 resistance.

GBPHKD Forecast

GBPHKD Forecast – 4H Chart by TW

Supporting this bullish scenario is the 9.536 level. However, it’s crucial to note that if this level is breached, it would invalidate the current uptrend scenario. Therefore, keeping a close eye on these key levels is essential for understanding the potential future movements of the GBPHKD pair.

  • 8 November 2023
Seraphinite AcceleratorOptimized by Seraphinite Accelerator
Turns on site high speed to be attractive for people and search engines.