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GBP/USD still elevated ahead of UK sales data due shortly
At 7am GMT we will get some quite important UK data. There is the latest government borrowing figures and the January retail sales data. The markets will not be surprised to see UK government debt rising. In fact, they will be more surprised if it does not. So, the sales numbers today are the main event and they are expected to bounce back last month, from what was disappointing sales in December. Ahead of this the GBP/USD is not far off its highs of the day. The Pound continued to rise yesterday into the US close, as the EUR/USD traded above the 1.05 handle. The GBP/USD then set its highest daily close of the year, at 1.2669. The range seen so far this morning has been covered by 1.2654 to 1.2574. There will be more to add, when those sales numbers hit the screens shortly. The GBP/USD is right now at 1.2661
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