GBP/USD moves down on UK data

GBP/USD moves down on UK data

On Thursday, the British pound decreased versus the greenback, suppressed by the publication of dismal British retail sales data. Moreover, market participants were waiting for the Bank of England’s policy verdict.

The currency pair GBP/USD reached 1.2704 during European morning trade, which the lowest outcome since Tuesday.

According to the UK Office for National Statistics, retail sales went down 1.2% in May, while financial experts and investors hoped for a 0.8% descend.

The British pound was still under pressure amid surging political uncertainty in the United Kingdom.

The Bank of England is supposed to leave its monetary policy intact, though traders relish a though of getting extra clues on future policy moves.

The US dollar remained quite vulnerable amid everlasting American political turmoil.

The major British currency was nearly intact versus the common currency, with EUR/GBP keeping to 0.8802.

 

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