Trading Tips:GBP/USD was up 0.83% to 1.5664 from around 1.5600 before the data. The pound jumped to session highs against the dollar on Thursday after data showing that U.K. retail sales rose at a faster than expected rate in April, boosting optimism over the economic outlook. The Office for National Statistics said retail sales rose 1.2% last month, boosted by higher sales of clothing and footwear, far more than forecasts for a 0.4% increase. Retail sales were 4.7% higher on a year-over-year basis, ahead of expectations for a 3.8% increase. Core retail sales, which exclude automobile sales, were up 1.2% last month, compared to forecasts for a 0.3% rise, after gaining 0.2% in March. The ONS also said average store prices were lower for the tenth consecutive month, down 3.2% from a year earlier.
RECOMMENDATION :
BUY GBP/USD ABOVE 1.5720 TARGET 1.5740 1.5770 SL 1.5690
SELL GBP/USD BELOW 1.5630 TARGET 1.5610 1.5580 SL 1.5660
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