The GBP/USD pair saw a slight increase above 1.2700 after bouncing back from a daily low of 1.2674, with the British Pound gaining 0.29% against the US Dollar. Market participants reacted positively to data from the United States, which led to a decline in safe-haven currencies like the Greenback.
Despite weak UK Retail Sales data for April, the Pound Sterling managed to recover against the US Dollar and surpassed the 1.2700 mark in Friday’s New York session. The US Dollar had been strengthening earlier, but the GBP/USD pair was able to offset some of that pressure.
However, the GBP/USD pair lost some of its recovery momentum below 1.2700 during the early Asian session on Friday, as the US Dollar demand picked up again. Investors will be keeping an eye on upcoming data releases such as UK Retail Sales, US Durable Goods Orders, and the Michigan Consumer Sentiment Index.