The bulls strongly dominated the performance of the GBPUSD pair throughout the last week's trading, with gains to the 1.3642 resistance level, its highest in three weeks.
Enter your emailretail sales for January beat analysts' expectations.
Retail sales rose 9.1% year-over-year in January, beating expectations of 8.7% and December's reading of -1.7%. Commenting on this and the reaction, Robert Howard, an analyst at Reuters, said: "Cable remained above $1.3600 after better-than-expected UK retail sales in January." It was the strongest monthly increase in retail sales since April 2021, when restrictions were lifted, following a decline in December that the Office for National Statistics said was due to earlier than usual Christmas trading. Retailers have also struggled amid a drop in retail footfall in December, due to concerns about the coronavirus Omicron variant.
Susanna Streeter, senior investment and markets analyst at Hargreaves Lansdowne said, “The January sales rally shows that an increase in Omicron cases is underway, but retailers have not yet made up for all of December's losses. And at some point shutdown savings, rapid price hikes on supermarket shelves and energy and gasoline bills, combined, with looming tax increases, will most likely dampen consumer spending.
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