Skip to main content

GBP/USD at session lows with UK sales data due out shortly

The rebound in the US dollar yesterday saw the Pound hit from two sides. The more dovish hold from the Bank of England had already pushed the GBP/USD lower and the dollar did the rest. The GBP/USD crumbled from an earlier session high at 1.2803. It fell back to a low at 1.2651 and later closed in the US at 1.2658. It has fallen back further this morning, as the dollar versus Europe has risen further. That has seen the GBP/USD fall to 1.2624 a moment ago. Very shortly, at 7am GMT we get some important UK Retail Sales data. Annualised ales in February at expected to fall back sharply last month. February retail sales (Ex autos) are expected to fall by 0.8%.compared to a prior monthly gain of 0.7% in January. Clearly, there is an argument to suggest that is priced in with the Pound down here, but it does depend on whether UK sales did fall. If they did not, then the Pound might have some rebound potential. All will be revealed in around 10 minutes. The GBP/USD is currently trading at 1.2625

Ready to Get Started?

Start here. Join 2.9M Libertex users around the world!