Rebound in UK Retail Sales better than expected
|GBPUSD & GBPJPY , H1
Sterling was attracting buyers this morning before the stronger than expected rebound in the Retail Sales data. The freezing Beast from the East harsh weather blast, depressed UK shopping activity significantly during March. However, April has seen a significant bounce, with all four key parameters beating expectations.
Sterling responded to the North with cable over 1.3400 and running to R1 resistance at 1.3420, EURGBP sank to day lows at 0.8747 before returning to the pivot area at 0.8765 and GBPJPY jumped from the 146.20s overnight to re-take 147.00 before settling back to 146.80. In the higher time frames Sterling remains under pressure and Brexit continues to weigh with talk this morning of a key June showdown both within and outwith the UK Government with claims and denials of the extension of the much discussed “Transition Period” out to 2023.
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