U.K. Shares Edge Lower On The Back of Strengthening British Pound
U.K. shares continued to remain weak, stretching their downward rally to a fourth session in a row. Equities in London were weighed by a strengthening in the Sterling following upbeat retail sales.
The benchmark FTSE 100 dropped nearly 0.2% to trade as low as 7310.00 with the weakness coming as the pound advanced more than 0.23% to reach an intraday high of $1.2528. U.K. retail sales for February were reported to surge by 3.7 per cent in February, compared to the same month last year and by 1.4% since January, easily beating forecasts of 0.4%.
A stronger pound has a tendency to depress many FTSE 100 companies that make the bulk of their revenue overseas and then transfer their profit back to the U.K.
Sell Stop at 7310.00, Take profit 7390.00, Stop loss at 7320.00