Great Britain Pound Extends Bounce from Multi-Year Lows

The Great Britain pound started to rise yesterday, bouncing from multi-year lows against the US dollar and the Japanese yen, and continued its rally today. Negative retail sales data made the rally pause but just briefly.

UK retail sales dropped 1 percent in December from the preceding month while analysts had promised basically no change. Not all Friday’s reports were bad as public net sector borrowing data showed a decrease. The pound paused its rally after the release of retail sales data but resumed the advance quickly and now continues marching upward.

GBP/USD advanced from 1.4220 to 1.4308 and GBP/JPY gained from 167.36 to 169.11 as of 12:13 GMT today.

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