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Pound hits 1.40 despite soft UK retail sales
February 19, 2021SharePrint
The British pound has posted small gains in the Friday session. Currently, GDP/USD is trading at 1.4000, up 0.18% on the day.
Sterling rallies past 1.40 line
The pound enjoyed an excellent Thursday, as GBP/USD climbed close to 1 percent. The pair has continued to move higher on Friday and breached the 1.40 level, a symbolic level that had held since April 2018. The dollar index has dropped on Friday 0.38%, to 90.24. There is support at 90.00, and a daily close below this level would signal a downtrend for the US currency.
UK Retail Sales slide
UK Retail Sales suffered a miserable start to the year, with a read of -8.2% for January. This was the second decline in three months and the weakest reading since April. This sharp decline resulted from the tighter health restrictions, which severely crimped consumer spending.