Declining retail sales in the UK paves the way for interest rate cuts from the Bank of England
The pound fell as a decline in UK retail sales paved the way for interest rate cuts from the Bank of England
The pound fell sharply against its major counterparts on Friday, as the UK’s Office for National Statistics (ONS) reported that retail sales surprisingly contracted in December, another data adding to the weak economic outlook. Retail sales data, a key measure of consumer spending, fell 0.3% on a monthly basis. Economists expect a measure of consumer spending to rise at a faster 0.4% pace than the 0.2% growth in November. Read more…
GBP/USD Price Forecast: Below 1.2250 barrier remains near the 9-day moving average (EMA)
The GBP/USD pair remains weak for the second day in a row, trading near 1.2230 during the Asian session on Friday. However, technical analysis on the daily chart indicates a persistent bearish bias, as the pair continues to move within a descending channel pattern. Read more…
GBP/USD snaps two-day winning streak, UK retail sales on the rise
The GBP/USD pair moved near familiar levels on Thursday, posting a flat day after exploring some downside during the day and snapping a two-day winning streak with price action stalling at the 1.2200 handle. Read more…
