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November 20, 2020 11:57 am

GBP/USD. November 20, 2020 – Unexpectedly strong retail sales data supported sterling

Despite the growing risks of a «hard» Brexit, the GBP/USD pair continues to move to local highs in the 1.3300 area. The current quote is 1.3280.

The dynamics of the pair was influenced by the statistics on the labor market in the UK. The number of applications for primary unemployment benefits for the week increased from 711 to 742 thousand against the forecast of 707 thousand. At the same time, investors were pleased with the reduction in secondary circulation from 6.801 million to 6.372 million against expectations of 6.47 million.

Today you should pay attention to the publication of a report on retail sales in the country. The figure in October came out much better than forecasted: sales increased by 1.2% compared to September, when the indicator grew by 1.4%. The forecast assumed growth of only 0.1%. In annual terms, sales increased by 5.8%.

At the same time, difficulties in negotiating Brexit continue to put pressure on the pound. Today it became known that negotiations were suspended again, now due to the discovery of Covid from one of the members of the negotiating team.

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