Forex: GBPUSD continues to slide for third day

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Sterling has been sliding for the past three days from its year high of 1.6400 against the greenback on March 22nd to hit a low of 1.6091 in the U.S trading session today. The release of worse than expected UK Retail sales data today helped push down the GBPUSD pair, after reports of a decline in February sales down 0.8% and a 1.3% increment year on year, which was lower than the forecast 5.3% increase.

The Pound only briefly cut losses after the release of disappointing U.S. data to gain almost 80 pips by 15:00 GMT but then continued south and is currently trading at 1.6123 in the late U.S. session.