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Forex pairs in this Article » EUR/GBP, GBP/USD
FXstreet.com (Barcelona) - The British Pound came under modest selling pressure following the worse-than-expected retail sales report out of the UK which saw the monthly rate contract by 1.4% in May. The GBP/USD initially fell to a fresh 3-week low of 1.6108 following the release, however has since settled near 1.6130 as traders re-evaluate their positions.

The EUR/GBP on the other hand has jumped slightly higher on the release, extending it's recovery from an earlier low of 0.8720 towards a daily high of 0.8780. Markets are withholding further bets ahead of the upcoming employment reports out of the eurozone.

Regarding the UK fundamental release, monthly figures showed both the normal retail sales as well as those not including fuel contracted in May by 1.4% and 1.5% respectively. Yearly results likewise disappointed, coming in at 0.2% and 0.0% respectively.
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