The currency pair failed to hold below 1,2108. UK statistic data was better than expected and gave some additional support to GBP. Some more negative events are needed for the currency pair to develop its decline.

UK Retail Sales went upwards for 0,2%, which was lower than previous reading but higher than expectations. UK CPI reached 2,1% growth.

Technically, the currency pair GBP/USD is able to develop its growth this week as it is above 1,2108. Fundamentally, the currency pair is under the pressure, however, we do not expect any significant decline.