This morning, the British Pound (GBP) is rising versus the US dollar (USD) in contrast to the pair’s recent behavior. Before a major piece of economic news concerning imminent retail sales, the market rises.

According to economist’ predictions, the retail sales announcement, which will be released on January 14, 2022, will drop from 0.3 percent to 0% in December, compared to the month before the index.

The National Statistics Retail Price Index is a weighted average of prices for a wide range of goods and services purchased by customers. It is a critical inflation indicator that accurately reflects the cost of living.

The GBP/USD currency pair traded at 1.3586 today, with support levels keeping it close to the provided level and protecting it from the downside.

Furthermore, the National Statistics will release the gross domestic product (GDP) on January 12, 2022. Economists forecast that it would rise by 0.4% percent in November, compared to 0.1 percent the previous month.

The GDP is a term that calculates the total value of all goods and services in the UK and functions ass a comprehensive measure of economic activity in the United Kingdom. In general, a rising trend is favorable to the GBP.

Conclusion

While the GBP/USD pair has had some good days recently, the substantial degree of support in the following graphic shows that the GBP currency is more likely to strengthen against the USD in the long run.