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GBP/USD drops below 1.24 after UK retail sales unexpectedly fall

The October UK retail sales report has just been released and it has missed on forecasts and by quite some margin too. Sales in October fell by 0.3%, where a 0.3% rise was anticipated. The annualised rate is even worse. That has shown a fall of 2.7%, well below the 1.5% decline widely expected. The pound has reacted immediately to this news. The GBP/USD has fallen back underneath 1.24. This was not a good sales report and will only endorse those calls that are looking for the US to enter a recession in the near future. The GBP/USD is just now trading at 1.2391

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