GBP/USD Exchange Rate: Strong UK Data Fails to Lift the Pound
On Tuesday, the Pound GBP struggled to captivate investor interest and weakened against several major currencies. This decline happened despite the UK releasing some promising economic data. The British Retail Consortium BRC reported a retail sales monitor for January at 2.5 percent, greatly surpassing the expected figure of just 0.2 percent. The market response to this better-than-expected data has been muted, leaving traders questioning what the future holds for GBP/USD as they brace for the upcoming US Consumer Price Index CPI inflation report. Investors remain on edge due to fluctuating economic indicators while watching the currency pairs carefully.