Forex Market: GBP/SEK daily forecast

During Friday’s trading session GBP/SEK traded within the range of 11.1143-11.2002 and closed at 11.1828.

At 10:00 GMT today GBP/SEK was gaining 0.1% for the day to trade at 11.1937. The pair touched a daily high at 11.2003 at 5:40 GMT.

Fundamental view

Retail Sales in Sweden probably rose 4% in April compared to a year ago, according to the median estimate by experts.

The index provides data on the turnover of companies, whose main business is specialized in retailing. Since 1990 data excludes sales of motor vehicles, pharmaceuticals and beverages. Data is collected through a survey of enterprises. All businesses with a turnover of over 1 billion SEK, according to the register of VAT are included in the study. Those with turnover below 2 million SEK are not included. This is the percentage change compared to the corresponding month of the previous year.

Statistics Sweden is expected to publish an official report at 7:30 GMT. In case retail sales rose more than expected, this would boost demand for the Swedish krona.

Technical view

According to Binary Tribune’s daily analysis, in case GBP/SEK manages to breach the first resistance level at 11.2170, it will probably continue up to test 11.2517. In case the second key resistance is broken, the pair will probably attempt to advance to 11.3031.

If GBP/SEK manages to breach the first key support at 11.1311, it will probably continue to slide and test 11.0799. With this second key support broken, the movement to the downside will probably continue to 11.0454.