GBPUSD Breaks 1.30 After Retail Sales Report

The pound climbed above $1.30 for the first time since September after a report showed U.K. retail sales gained more than economists expected in April.

Sterling climbed against all of its 16 major peers after the report showed the volume of goods sold in stores and online rose 2.3 percent, more than twice the median increase forecast by economists in a Bloomberg survey. The data pushed the currency through the psychologically important level that has acted as resistance in the rally since Prime Minister Theresa May called a snap election last month.

The milestone marks the latest stage of recovery for the pound, which tumbled following Britain’s vote to leave the European Union. At its lowest point since the vote the currency was 20 percent weaker from June 23, a decline it has now trimmed to about 12 percent.

Bloomberg

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.