GBPUSD: UK June retail sales +1.0% topping expectations of -0.3% m/m

UK retail sales positive surprise investors, here is the scorecard:

United Kingdom Retail Sales ex-Fuel (year over year) came in at at 3.6% topping expectations of 2.7% in June

United Kingdom Retail Sales (month over month) came in at 1% above forecasts (-0.3%) in June.

United Kingdom Retail Sales (year over year) came in at 3.8%, beating forecasts  of 2.6% in June

GBPUSD moved sharply higher before the release of the retail sales data at 1.2483 but after the release is giving up 6 pips to 1.2477. The positive surprise may further revive the Bank of England hawks and weigh positive on the GBP. For now the GBPUSD stopped at the 100 hour moving average at 1.2483, but a break above can boost prices to 1.2493 and the 200 hour moving average. On the other side of the equation USD is under pressure today and that also helps GBP.Don’t miss a beat! Follow us on Twitter.