Some good news from the UK: the volume of retail sales rose 0.7%, almost double the early expectations.
GBP/USD is on the rise, reaching a high of 1.4988. Can it top 1.50?
The United Kingdom was expected to report a rise of 0.4% in retail sales, following a disappointing drop of 0.3% in January.
GBP/USD traded higher, around 1.4960, still enjoying the weakness of the US dollar, but keeping some distance from the very round 1.50 level.
Here is the preview: GBP/USD: Trading the UK Retail Sales
Earlier this week, we had inflation numbers from the UK. And they certainly kept the pound down, with annual CPI inflation reaching a round 0%, worse than expected.
The US had better than expected inflation numbers and also enjoyed positive new home sales, but yet another dismal report regarding durable goods orders dampened the chances of a USD recovery in the current big correction.
Here is how the move looks on the chart:
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