GBP/USD rises on UK retail sales beat, eyes PMI data for direction
GBP/USD maintained bullish momentum above 1.2450 as UK retail sales delivered an unexpected positive surprise, beating market expectations. The stronger-than-anticipated consumer spending data reinforces the UK economy's resilience despite ongoing inflation concerns, supporting sterling strength. Markets now await upcoming PMI data which could provide further direction for the pair. The pound has gained 0.4% against the dollar this week, benefiting from both UK economic outperformance and broad dollar weakness. Technical indicators suggest immediate resistance at 1.2480, with a break potentially opening the path toward 1.2500 psychological level. Support holds firm at 1.2420, coinciding with the 50-day moving average. The retail sales data may influence Bank of England policy considerations, particularly if consumer spending remains robust despite elevated interest rates.
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