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GBP/USD steady above 1.24 as UK Retail Sales loom

Yesterday the GBP/USD did rebound from a low near 1.2375 set earlier in the day. The Pound lifted to above 1.2450 into the 4pm London fix, helped by a fall in the USD/JPY, as US yields fell back once more. However, the GBP/USD was unable hold its gain into the US close and later ended that session at 1.2414. It has held around that US closing rate for the most part this morning. At 7am GMT the UK will release the latest retail sales data for October and that could have an impact on the GBP/USD. The markets expect sales to have rebounded from the 0.9% fall seen in September. The forecast is for a 0.3% increase last month, but the annualised rate forecast is not so hot. The markets expect that to fall by around 1.5%, compared to a 1% fall the previous month. The GBP/USD range seen so far this morning has been covered by 1.2404 to 1.2422. It is currently trading at 1.2415

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