GBP/USD Weakens on Disappointing UK Retail Sales Data
GBP/USD declined 0.2% to 1.2680 following weaker-than-expected UK retail sales data released during the European session. November retail sales contracted by 0.3% month-on-month, missing forecasts of 0.0% growth and marking the third consecutive monthly decline. The disappointing figures add to concerns about UK economic resilience amid persistent inflation and high interest rates. Sterling found immediate support at 1.2670, with resistance now seen at 1.2720. The data reinforces market expectations that the Bank of England may pause its tightening cycle, having already raised rates to 5.25%. Traders are now focusing on upcoming UK GDP data and any shifts in BoE rhetoric. The technical outlook remains neutral to bearish below 1.2750, with potential for further downside if support at 1.2650 breaks.
Related Symbols:
GBPUSD
This is a summary of the original article by Forexlive. To read the complete article, please visit the source website:
Read Full Article at ForexliveNews data provided by Finnhub. ForexSentiment.live provides this summary as a convenience with proper attribution to the original source. The full article is available at the original publisher's website.
