Pound inches down after UK retail sales slow in May
U.K. retail sales rose 0.2 percent on the monthly basis in May, while advanced 4.6 percent from a year earlier, coming in line with analysts’ forecasts.
The reading slowed from a downwardly revised of 0.9 percent in April, as clothing sales dipped 1.6% from April, marking the biggest fall since September 2014.
The GBPUSD pared some of its earlier gains to retreat from a peak of 1.5927 to trade around 1.5893.
The pair rose on Wednesday after a robust unemployment figures, and as the U.S. dollar weakened following comments from Fed Chairwoman Janet Yellen.
Yellen did not state directly that the first interest rate in nearly a decade would occur in September, while the Fed slashed its growth forecasts for this year, causing some sell off in the dollar.
The GBPUSD soared for a fifth straight session, heading for another weekly advance.
Meanwhile, the pair is trading above the session’s pivot point located at 1.5766, while protected by support at 1.5686. Resistance at 1.5987 could thwart further rise in the pair.
The bullish crossover between Daily SMA 7 and SMA 15 has supported the upside direction, yet the price faced some resistance as the RSI 14 hit the 70-overbought line.