Britain’s Pound Retreats, Finding No Support from Fundamentals

The Great Britain pound declined against most of its major rivals as economic data released over the trading session was not positive for the currency, while concerns about the Brexit erode investors’ interest in British assets.

British Retail Consortium reported that like-for-like retails sales dropped 0.6% in January from a year ago after rising 1.0% in previous reporting period. The Halifax House Price Index fell 0.9% in January from the previous month instead of rising 0.2% as analysts had predicted. Meanwhile, the bill for initiating an exit from the European Union has passed Britain’s parliament, and now the committee will debate about amendments.

GBP/USD dropped from 1.2462 to 1.2374 as of 10:24 GMT today, trading near the lowest level since January 20. GBP/JPY declined from 139.25 to 138.93, being close the low not seen since January 17.

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