UK retail sales comment
|The GBPUSD has spiked above the 1.30 handle to trade at a 7 and a half month high following a strong beat in retail sales. The pound is trading higher across the board this morning and the recovery seen in the currency since hitting a multi-decade low in January has been impressive and looks set to continue. The retail sales figure itself was the best since the start of 2016 and will go some way to allay the fears of a slowdown in consumer spending following last month’s sharp drop in this widely viewed indicator. The release marks a 3rd consecutive day of GBP positive economic data, after both the CPI and unemployment figures surpassed estimates. With short positioning still at elevated levels in the pound there could be more legs to this rally, with little by the way of technical resistance seen until 1.32.
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