Analysis GBP/USD. The Pound is willing to recover

gbp2On Thursday afternoon, GBPUSD is trading upwards; the statistics help the Pound to reach stability.

The British Pound is reaching stability against the USD on Thursday. The current quote for the instrument is 1.3380.

Yesterday, the British currency reached the lowest levels since December 12th 2017. However, today the Pound is doing a good job in moving away from its “local bottom”. The numbers published this afternoon showed that the Retail Sales added 1.6% m/m in April, which is significantly better that the expected reading of +0.8 m/m. Last month, the indicator lost 1.1% m/m, this is why today’s reading may be considered as a correction.

The fact that the indicator bounced back is quite logical: in March, the weather in the United Kingdom was very bad. The daytime temperature was lower than average and, in addition to this, was accompanied by heavy rains and strong winds. Due to this, a lot of people preferred to stay at their homes instead of going shopping and this was the reason why the Retail Sales indicator plummeted. In this light, April was much better.

In the morning, the BoE Governor Carney delivered his speech, but the way he was speaking was the same as usual: clearly and intelligibly.

If the USD, based on the statistics or other support factors, doesn’t start another attack until the end of Thursday trading session, the Pound may regain some positions it lost yesterday and consolidate a bit higher.

Orgin: RoboForex

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