Pound Sterling Price News and Forecast: GBP/USD dips as UK Retail Sales plummet, raising recession concerns

The Pound Sterling (GBP) slumped against the US Dollar (USD) after the Office for National Statistics (ONS) revealed that retail sales plunged sharply, which could deter the Bank of England (BoE) from keeping policy tight without tapping the economy into a recession. Mixed data from the United States (US) sponsored a leg-down in the major, as the GBP/USD exchanged hands at 1.2687 after hitting a daily high of 1.2714. Read More…

The Pound Sterling (GBP) falls sharply as the United Kingdom Office of National Statistics (ONS) reports downbeat Retail Sales data for December. UK household spending contracted significantly as individuals faced the heavy burden of higher interest rates and consumer price inflation, which deepened the cost-of-living crisis. A sharp decline in high street sales would have been expected to ease pressure on the stubbornly high inflation outlook but in the end it was insufficient to move the needle. Read More…

The GBP/USD pair ticks higher for the third successive day on Friday and looks to build on this week’s goodish bounce from sub-1.2600 levels, or its lowest level since December 13. Spot prices currently trade just above the 1.2700 round figure, flirting with the 200-hour Simple Moving Average (SMA). Read More…