GBP/USD retreats from top on UK/US inflation clues

On Thursday, US Retail Sales growth marks an increase of 0.3% for May versus -0.1% expected and 0.4% previous readings while the Core readings, mean Retail Sales ex Autos, match 0.1% market forecasts for the said month, compared to 0.4% prior. Further, NY Fed Empire State Manufacturing Index jumps to 6.6 in June versus -15.1 expected and -31.8 prior whereas Philadelphia Fed Manufacturing Index drops to -13.7 for the said month from -10.4 prior and compared to -14 market forecasts. Additionally, US Industrial Production for May cools down to -0.2% against 0.1% estimated and 0.5% prior while Initial Jobless Claims reprints the upwardly revised figures of 262K for the week ended on June 09 versus 249K expected.

Against this backdrop, market players appear more hawkish on the BoE than the Fed and keep the Cable on the bull’s radar despite the latest pullback in the prices.

GBPUSD SELL 1.2790 - 1.2795 💯💯

✅ TP1: 1.2760
✅ TP2: 1.2730

🛑 SL: 1.2820