|Day's range||1.299 - 1.301|
|52-week range||1.1959 - 1.3510|
The British pound initially fell during the trading session on Monday but did recover a bit as we are starting to test the 1.30 level. The uptrend line is coming into play as well, although we are just short of the 50 day EMA.
GBP/USD attempted to recover higher last week but sellers stepped in after a weak UK retail sales report that encouraged rate cut speculation.
A daily overview of the top business, market and economic stories you should be watching today in the UK and abroad.
British numbers were dismal last week. On Friday, retail sales declined by 0.6%. The pound is showing signs of weakness, as it has slipped below the symbolic 1.30 level. Is cable headed for further losses?
With only a couple of data releases amidst the Fed’s communication blackout period, this holiday-shortened week looks to be relatively lackluster from the US economics perspective.
Donald Trump, Bill Gates, Google CEO Sundar Pichai, and Greta Thunberg will be rubbing shoulders at the elite gathering in Switzerland this week.
Investing.com - The U.S. dollar was largely flat in European trading Monday, with the U.S. holiday providing little incentive for traders to take risks. That said, the greenback still looks strong against its main competitors.
The PBoC left LPRs steady this morning, with some time likely needed to asses the impact of recent cuts and the phase 1 agreement.
The British pound went back and forth during the course of the week, as we get a lot of push back and forth from both buyers and sellers. The Friday session had a very poor retail sales figure release, and that of course weighed upon the market.
The British pound pulled back after initially trying to rally during Friday as the retail sales numbers were miserable in the United Kingdom. That being said, we are still very much in an uptrend and it will be interesting to see whether or not we can continue.
Retails sales in the UK were much worse than analysts expected, fueling rate cut expectations and putting Sterling under pressure.
A daily overview of the top business, market, and economic stories to watch in the UK, Europe, and abroad.
GBP/USD showed a bullish bounce at the 88.6% Fibonacci retracement level and also made a bullish breakout above the resistance trend line
The British pound is steady, but could receive a boost if retail sales delivers a solid gain (release on Friday at 9:30 GMT). The story of the week has been the Chinese yuan, which has climbed to a 7-month high against the U.S. dollar.
The British pound rallied a bit during the trading session on Thursday in order to break above the gap that had formed at the beginning of the week. Now that that gap has been filled, it becomes a question as to whether or not it will hold.
With significant downside risks to the global economy turned aside, and worries over a possible recession diminishing, there is a sprouting belief supported by evidentiary proof in the data that global growth could gain momentum over the coming months.
U.K. retail sales disappointed again in December dropping 0.6%, adding further force to arguments for an interest rate cut from the Bank of England at the end of the month.