GBP/USD a little lower after UK August Retail sales miss on expectations

The August UK retail sales report has just been released. Ahead of this the markets were anticipating a rebound in sales last month, from the poor numbers seen in July, where sales had fallen by 1.2%. The forecast was for a rebound of around 0.5% in August. However, the annualised reading was expected to remain negative, with sales dropping at a pace of over 1%, compared to the prior pace of -3.2%. The actual data was not that good, but still an improvement overall. August sales rose by 0.4% and the annualised data was running at -1.4%. The pound has reacted negatively to the data, but not by that much at this stage. The GBP/USD had fallen to as low as 1.2239 yesterday following the BOE rate decision. It then rebounded and closed in the US last night at 1.2298. The high seen earlier today was set at 1.2304. The pound has just now dropped back to 1.2270 on this data. It is just now at 1.2274