British Pound Declines Further After U.S. July Retail Sales Data Smash Expectations
British Pound tumbled against its American counterpart on Tuesday after U.K. inflation came in softer than expected while U.S. retail sales data beat expectations.
The currency pair GBPUSD dropped nearly 0.89% to plunge to $1.28500 – the lowest level since July 12th. The Office for National Statistics reported that British inflation remained unchanged at 2.6% in July which missed analysts’ expectation calling for a 2.7% reading. Inflation had risen to a four-year high of 2.9% in May but cooled to a rate of 2.6% in the next two months.
Meanwhile, U.S. Census Bureau released July data that showed retail sales rise 0.6% on the month, compared with 0.4% expected. Core retail sales were reported to advance by 0.5% on a monthly basis, also topping forecast for a rise of 0.3%.
Sell Stop at 1.28450, Take profit at 1.28000, Stop loss at 1.28650