FxWirePro: GBP/CHF Daily Outlook

Chart - Courtesy Trading View 

GBP/CHF was trading 0.51% higher on the day at 1.1339 at around 10:30 GMT. The pair is extending gains for the 4th straight session, outlook is bullish.

Data released earlier on Friday showed the UK retail sales printed at 0.6% month-on-month in October vs. 0% expected and -1.5% previous. 

The core retail sales (stripping the auto motor fuel sales) were up 0.3% MoM vs. 0.6% expected and -1.5% previous.          

On an annualized basis, the UK retail sales fell 6.1% in October versus -6.5% expected and -6.8% prior while the core retail sales were down 6.7% in the reported month versus -6.7% expectations and -6.1% previous.

Better than expected monthly UK Retail Sales data offers some support to GBP/CHF spot prices.

Traders brush aside a rather unimpressive UK government £55 billion fiscal plan. Expectations that the Bank of England will continue raising rates to combat stubbornly high inflation act as a tailwind for the Pound.

Focus now on speeches by external BoE MPC members - Catherine Mann and Jonathan Haskel for fresh impetus.

Technical bias for the pair is bullish. Scope for test of 110-EMA at 1.1407. Decisive break above will fuel further upside.