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GBP/USD GETS A PICK-ME-UP AFTER LAST WEEK’S HEAVY SELLING

amking
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  • GBP/USD recovers after steep sell-off takes it to 1.2600s. 
  • Brighter UK retail sales data helps improve the outlook for the Pound Sterling. 
  • BoE and Fed divergence on interest rate outlook, however, is a depresser for the pair. 

GBP/USD saw a fillip on Monday, rising by almost four tenths of a percent to the mid 1.2600s on a mixture of better-than-expected UK retail sales data, profit taking after the recent steep sell-off and the US Dollar (USD) being broadly sold following intervention by authorities to prop up their currencies in Asia. 


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