The Pound found support. Overview for 19.04.2018

GBPUSD reached stability on Thursday despite some negative statistics.

On Thursday evening, the British Pound is growing a little bit against the USD. The current quote for the instrument is 1.4233.

In the afternoon, the United Kingdom published several more reports. The most important of them, the Retail Sales, lost 1.2% m/m in March after adding 0.8% m/m in the previous month and against the expected reading of -0.5% m/m.

The reason of this decline is the same that interfered with operations of the entire British economy and business – extremely cold weather in March. Rainfall and winds forced customers to stay at home and prevented them from doing shopping, thus influencing the Retail Sales numbers. The March decline of the indicator made the first quarter 2018 the worst quarter over the last 12 months.

Possibly, the weak reading of the indicator at the beginning of the year may significantly influence the country’s GDP – it may lose up to 0.03-0.06%. However, in the second quarter the Retail Sales sector may recover. Anyhow, one should really wait for the April number and see what happens.

In response to this report, the Pound fell at first, but later started regaining its positions against the USD.

RoboMarkets Analytical Department