BREAKING: UK retail sales higher than expected; GBPUSD gains 📌

07:00 AM BST, United Kingdom - Retail Sales Data for August:

• Retail Sales: actual 1% MoM; forecast 0.4% MoM; previous 0.5% MoM;

• Retail Sales: actual 2.5% YoY; forecast 1.3% YoY; previous 1.4% YoY;

• Core Retail Sales: actual 1.1% MoM; forecast 0.5% MoM; previous 0.7% MoM;

• Core Retail Sales: actual 2.3% YoY; forecast 1.1% YoY; previous 1.4% YoY;

Stronger-than-expected retail sales data might be another argument for the BoE's decision to hold rates. This could help further strengthen the British pound against the dollar. Some reports from the UK also show signs of discretionary spending being under pressure.

On the news GBPUSD is up amost 0.2% and is currently approaching levels last seen at the begining of 2022. RSI is sligthly diverging bearish from 7 am high yesterday, which might potentially give a signal of trend reversal.