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by ForexNewsNow Team on September 6, 2010

GBP USD analysis: Pound drops ahead of U.K. retail data

GBP USD analysis - shoppers browsingNEW YORK (Forex News Now) – The pound dropped against the dollar on Monday, erasing Friday’s gains, ahead of an important report on U.K. retail sales.

In European afternoon currency market trading, GBP/USD struck 1.5372, down 0.51 percent on the day.

The British Retail Consortium, a trade group, was later due to publish its monthly Retail Sales Monitor, which measures the change in the value of same-store retail sales.

According to GBP USD analysis, cable was likely to touch immediate support around the low of Aug. 31, 1.5327, and encounter resistance around the daily high, 1.5489.

Sterling’s losses also came after Labor Department data showed that U.S. private sector payrolls climbed 67,000 in August, after a revised increase of 107,000 in July.

Elsewhere, the pound slumped versus the yen: GBP/JPY traded at 129.52, down 0.62 percent, according to intraday analysis.

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