GBP/USD Recovers Thanks to Good Retail Sales Numbers

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Retail sales in the UK grew by 0.3%, better than a drop of 0.1% expected. In addition, this comes on top of an upwards revision to last month’s data: a rise of 0.8% instead of 0.1%. 

GBP/USD reacted with a jump above 1.57 before retreating. It traded around 1.5650 before the publication, and the good figures sent it back to the range seen in previous days.

Year-over-year, sales rose by 2.8%, far better than a modest gain of 1.4% that was expected. Core sales remained unchanged (-0.2% exp.) or +3.3% (2%) year over year.

GBP/USD is generally trading in a limited range, despite receiving positive data throughout the week: inflation is firmer and employment numbers came out better than expected.

Since the beginning of August, the pair has been chopping its way up, but the 1.58 level looms above.

For more on the pound, see the GBP/USD prediction.

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Yohay Elam – Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I’ve accumulated. After taking a short course about forex. Like many forex traders, I’ve earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I’ve worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.

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