The GBP/USD currency pair rallied today, breaking the psychologically important 1.30 level and trading near the highest level since September. Other sterling crosses were also trading higher, though the pound was unable to maintain its gains versus the Japanese yen.
Britain’s retail sales climbed by 2.3% in April after falling by 1.4% in March. The gain was almost two times the increase predicted by analysts. Some experts speculated that the rise in sales could be a result of temporary factors like Easter or good weather, but that did not deter the Great Britain pound from rallying.
GBP/USD jumped from 1.2966 to 1.3046 as of 11:00 GMT today. GBP/JPY 143.66 to 144.78 intraday but pulled back to trade near 143.89 later.
This post was originally published by EarnForex