Pound Sterling Price News and Forecast: GBP/USD attracts slight bids below trendline near 1.3360

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GBP/USD Price Forecast: Attracts slight bids below trendline near 1.3360

The British Pound (GBP) is up 0.1% at around 1.3372 against the US Dollar (USD) during the European trading session on Friday. The GBP/USD pair gains as the British currency rises, following the release of the surprisingly upbeat United Kingdom (UK) Retail Sales data for August.

The Office for National Statistics (ONS) has reported that Retail Sales grew by 0.5% Month-on-Month (MoM) after declining at a same pace. The data was expected to contract by 0.2%. Read more...

British Pound languishes at seven-week lows despite bright UK Retail Sales data

The British Pound (GBP) has ticked up against the US Dollar (USD) on Friday, following an unexpected increase in UK Retail Sales. The GBP/USD pair, however, remains on its back foot, trading at 1.3370, ahead of the London session opening, on track for a 1.15% weekly decline, crushed by the diverging monetary policy decisions of the Federal Reserve (Fed) and the Bank of England (BoE) earlier this week.

Data released by the UK National Statistics Office on Friday revealed that retail consumption rose 0.5% in August, against expectations of a 0.2% contraction, to reverse July's 0.5% decline. The report also showed that the increase was widespread, as excluding fuel, sales of all other products rose 0.6%, also against the market consensus that had anticipated a 0.2% drop. Read more...

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