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GBP/USD surged on strong UK Retail Sales & PMI

GBP/USD surged on strong UK Retail Sales & PMI

Updated

What happened?

The UK has published a set of encouraging economic data on Friday. UK Retail Sales came out with better-than-expected data as well as PMI reports, which measure the economic health of the manufacturing and services sectors.

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What was the market reaction?

The British pound surged after this positive news. GBP/USD has even jumped above the 50-day moving average. The pair has approached the resistance of 1.3900. If it manages to break it, the way up to the high of April 19 at 1.4000 will be open.

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Despite the better-than-expected data, the GBP keeps losing against the EUR. It seems that traders have already priced in the UK reopening amid the successful vaccine rollout, now all eyes are on Euro Area. EUR/GBP has just broken through the resistance of 0.8690. The way up to the high of February 26 at 0.8730 will be clear. Support levels are the recent lows of 0.8650 and 0.8600.

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