The Commerce Department reported that the US retail sales dropped unexpectedly 0.2% over the month of August, missing expectations for a 0.3% increase.
The British Pound depreciated against the Greenback by 49 base points or 0.36% falling further to touch an intraday low at the 1.3483 mark, after the Bank of England's Governor Mark Carney delivered a speech on Monday.
As it was expected, the currency pair did not make any notable moves yesterday because of the pressure from various moving averages as well as the weekly PP.
The Commerce Department reported that the US retail sales dropped unexpectedly 0.2% over the month of August, missing expectations for a 0.3% increase.
The Commerce Department reported that the US retail sales dropped unexpectedly 0.2% over the month of August, missing expectations for a 0.3% increase.
Last Friday was a notable day for the yellow metal, as it did not manage to hold within a long-term ascending channel.
Even though released information on the US Retail Sales did not justify experts' forecasts, the currency pair failed to break above resistance, which located in the 19.85-95 area.
Due to strong pressure both from the top and from the bottom, the pair did not make any signifficant advances yesterday.
According to the Labour Department's report, the consumer inflation in the US showed a monthly rise of 0.4% in the month of August, with an annual gain of 1.7% in the same period.
The Sterling managed to offset all Wednesday's losses after the Bank of England announced its decision to leave interest rates unchanged.
Despite positive developments in the US economy, the buck did not manage to secure these achievements and ended previous trading day near the weekly S1, which is located at the 1.1905 level.
Due to release of data on the US PPI, the buck appreciated quite sharply against the bullion.
Due to market reaction to release of data on the US PPI, the currency rate managed to break through the bottom edge of a senior ascending channel.
The Labour Department revealed that the US producer prices accelerated growth at the strongest pace in four months amid an increase in gasoline prices.
The Sterling continued an upmove in the Wednesday morning, though previous gains were partially offset after the disappointing report on the UK average earnings.
Yesterday the yellow metal slipped below the support at 1,329.68, but then managed to recover.
The Labour Department released its JOLTS report for July, where the amount of job openings rose surprisingly to 6.17M, following a downwardly revised figure of 6.12M in June.
The Sterling jumped against the US Dollar to the highest level since late 2016, as Tuesday reports showed the strong growth in the UK consumer inflation.
Yesterday the currency pair expectedly failed to make a fully-fledged rebound from the bottom trend-line of a dominant formation due to pressure from the 55- and 100-hour SMAs.
The Institute for Supply Management reported that its PMI for the US non-manufacturing sector posted weaker-than-expected increase to 55.3 in August, following the prior month's figure of 53.9.
The GBP/USD currency pair showed modest reaction on the UK economic releases on Friday, as the reports revealed mixed results for July.
The yellow metal's price just recently fell below a significant support level, which indicates at a continuation of the decline of the bullion.
The common European currency continues to trade against the US Dollar, as expected by our analysts.
Last Friday the exchange rate made an expected rebound from the upper resistance line of a medium rising wedge and left the pattern.