The British Pound strengthened against the Greenback, following the UK retail sales report on Thursday. The GBP/USD currency pair gained only four pips, or 0.03%, in the first minute after the release. However, the GBP/USD currency pair showed growth only in the first two minutes and continued to decline afterwards.
The Office for National Statistics revealed better-than-expected retail sales data, but that was not enough to cause a significant move on the market. British retail sales grew 0.8% in February, exceeding the forecasts of 0.4%. Despite the fact that retail sales grew, doubts about consumer purchase power remained, as the Bank of England plans on raising interest rates.