Current UK Retail Sales -0.3% vs Forecast 0.2%; GBPUSD Declines

The UK has published retail sales data that significantly affects the GBPUSD movement.

Retail sales for December reported a decrease of -0.3% month-on-month (MoM), which is worse than the forecast from Trading Central and the previous month’s figure of 0.2% MoM.

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Following this release, the GBPUSD dropped to 1.21812, marking a daily low.

This data adds pressure to the sentiment surrounding GBPUSD, which had already been under strain after a member of the Monetary Policy Committee of the Bank of England (BoE), Alan Taylor, stated that interest rates need to be lowered 5 to 6 times this year to avert a deeper economic downturn.

The BoE is now expected to reduce interest rates at the beginning of February, further casting a shadow of negativity over GBPUSD.