Sterling Strengthens Over Strong Retail Sales Report, Political Moves Against No-Deal Brexit

Thursday was a good day for the Pound after several days of weakness over Brexit uncertainties, with GBP/USD gaining some ground over a

Arslan Butt•Friday, July 19, 2019•1 min read

Thursday was a good day for the Pound after several days of weakness over Brexit uncertainties, with GBP/USD gaining some ground over a strong retail sales report from the UK. At the time of writing, GBP/USD is trading at 1.254.

The Sterling also strengthened over British MPs stepping and trying to stop Boris Johnson from taking Britain out of the EU without a deal. Boris Johnson has previously suggested that he would consider suspending the parliament in October to force a no-deal Brexit. A majority of MPs approved an amendment that blocks the possibility of suspension between October and December.

In June, UK’s retail sales posted a strong rebound, growing 1% MoM and beating expectations which were for a 0.3% decline, after two consecutive months of contraction. This data has offered a much needed boost to the UK economy, which was headed towards contraction in Q2 2019.

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ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.