GBP/USD lifts to session highs after UK sales significantly beat forecasts

The important UK January retail sales data has just this minute been released. Sales including autos and fuel were forecast to rise by 0.5% last month, from a fall of 0.3% in December. They have actually risen by 1.7%, which is way above forecasts. The annualised rate has also beaten forecasts and the prior readings were revised lower. The reaction in the Pound has seen the GBP/USD lift on the news, but so far not by that much, despite this data being surprisingly good on the face of it. Also to note that government borrowing was not as bad as it might have been. So, all around quite good news for the Pound this morning. The GBP/USD is right now at 1.2673