British pound declined sharply against US dollar on weak UK retail sales data

Minutes ago was reported that Retail Sales in United Kingdom registered a drop by 1.3% during April on a monthly basis, distancing from estimated value for a 0.1% increase and further deteriorating in comparison with official data during previous month, which showed a decline by 0.6%.

GBP/USD pair erased earlier gains and dropped sharply from 1.5126 to a session low, 1.5073, during European trade session. The cross was expected to receive support at 1.5065-1.5045, while resistance levels were expected at 1.5160-1.5190.

Economic data from UK on Wednesday showed that Retail Sales marked an increase by 0.5% during April on annual basis, below forecasts of a 2.0% rise, while the indicator dropped by 0.5% during the preceding period.

Retail Sales ex Fuel also registered a monthly decrease during April by 1.4%, opposing estimates for a 0.1% rise, and further dropping, compared to revised data during the previous month, which stated a drop by 0.7%.