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Flash: GBP/USD choppy around 1.6400 - Investec

FXStreet (Barcelona) - Jonathan Pryor, Corporate Treasury Analyst at Investec, argued that GBP/USD was gyrating around the 1.6400 handle amidst choppy trading.

Key Quotes

"There isn’t a huge amount to report from the UK but there was a notable release overnight in the form of BRC Retail sales. This figure grew at the fastest pace for almost four years with like for like sales growing by 3.9%, bringing the largest monthly increase since March 2010."

"Taking a closer look at the components of this reading it appears that food sales slowed down a little but the likes of homeware increased. It would appear that households have greater confidence to spend their money on that ‘new sofa’ or ‘new wardrobes’, as the housing market goes from strength to strength and employment figures continue to improve."

"As a result of a relatively quiet day the ranges in the pound were tight with GBPUSD chopping either side of 1.6400 whilst GBPEUR is gradually closing in on another test of the key psychological level of 1.2000. If it does manage to break 1.2000 we will need to see a break of the recent low of 1.1977 before we get too excited about a return to the 1.18’s."

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