The British Retail Consortium (BRC) posted its expectations for retail sales, year-on-year, this morning with results coming in line with much of the rest of the world. Sales of retail goods have been dropping globally these past few months as economic data reveals a sluggish recovery.
The BRC Monitor posted a 2.1% decline in retail sales data, which has so far translated into a continued decline in the British pound. The GBP/USD has sunk from its recent high to a current price near 1.6330. If news out of the UK persists with such negative reports, the pound is likely to continue sinking.
Read more forex trading news on our forex blog.