GBP/USD clings to recovery gains

24 May, 2019

A modest USD pullback from two-year lows helped bounce of multi-month lows. The recovery got an additional boost following the release of UK retail sales data. Investors now await the UK PM May’s statement for hints on her departure date.

The GBP/USD pair held on to its mildly positive tone and is currently placed at the top end of its daily trading range, around the 1.2680 region post-UK monthly retail sales data.

With investors still digesting the recent Brexit-related UK political chaos, a modest US Dollar pullback on Thursday helped the pair to stage a modest rebound from the 1.2600 neighborhood and highly oversold conditions. 

The steady recovery extended through the early European session on Friday and got an additional boost from the UK macro data, showing that monthly retail sales remained flat in April as compared to a 0.3% decline expected.

On the other hand, core retail sales came in to show a contraction of 0.2% and the yearly growth rate eased to 5.2% from 6.7%, still better than consensus estimates pointing to a reading of -0.5% and 4.6% respectively.

It would now be interesting to see if the pair is able to capitalize on the positive move as investors now look forward to the UK PM Theresa May's statement for hints on her departure date amid disagreements on her revised Brexit deal.


Source   Presented by HYCM
GBP/USD has one more resistance line

GBP/USD is trading in the mid 1.28s after Nigel Farage's Brexit Party boosted Prime Minister Boris Johnson's chances of winning. How high can cable climb?

Pound tumbles as Johnson seeks December 12 Election

Sterling fell out of favour with investors on Thursday after U.K Prime Minister Boris Johnson called for a general election on...

Pound's pullback creates buying opportunity

The British pound rally over the last week came to an abrupt end after a mixed day in the British parliament yesterday which still left many questions...


Pound shoots higher despite Brexit drama

The British Pound was in high demand on Monday despite UK lawmakers delaying a crucial Brexit vote over the weekend. Markets...

GBPUSD headed for 1.30 after UK

The Pound soared towards the 1.30 level against the US Dollar, after UK Prime Minister Boris Johnson and European Commission President...

Pound steady as Brexit negotiators race to meet deadline

The Pound is gaining against the US Dollar, amid reports that Brexit negotiators are rushing to try and meet a midnight...


Sterling Rises on Brexit Plan Release

A sea of red in US stocks yesterday after the US reported weak PMI data. The Dow Jones Industrial Average declined by 343 points while the Nasdaq...

GBP/USD pair fell by more than 1.2%

Yesterday, the GBP/USD pair fell by more than 1.2% amid Brexit uncertainty. The chances of next UK elections grow, so the bilateral agreement will...

UK Supreme Court rules parliament shutdown unlawful

Boris Johnson was dealt a heavy blow on Tuesday after the Supreme Court ruled his suspension of Parliament "unlawful, void and to no effect".