GBP/USD geared for recovery
Retail sales in the UK grew by 0.5% in April against a forecast of +0.3%. Core retail sales, excluding fuel, rose by 0.8% over a month versus an expected increase of 0.5%. According to analysts' estimates, British consumers are spending 16.5% more compared to 2020 while getting less for their money. This indicates that inflationary pressure remains. If the Bank of England raises its interest rate, it could help the GBP/USD pair aim for a recovery.
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