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GBP/USD hit $1.7008 on retail sales

June retail sales rose by 0.1% m/m and 3.6% y/y vs. 0.2% and 3.9% y/y growth expected. However, despite the June stagnation, the overall Q2 retail sales volumes were the strongest in 10 years. 

June data added to yesterday's market pessimism, pulling GBP/USD down to $1.7008. Buy orders for the pair are clustered at $1.7000/10, while sell stop orders lie below $1.6990.

Meanwhile, EUR/GBP extended the upside to 0.8926. Combination of upbeat euro zone data and weak UK figures is very supportive for the cross. 



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