Forex Pros – The euro fell from a 2-week high against the pound on Thursday, erasing gains after official data showed that retail sales in Britain climbed in May at a faster rate than forecast.
EUR/GBP hit 0.8382 during European afternoon trade, a 2-week high; the pair subsequently consolidated at around 0.8349 shedding 0.09%.
The pair was likely to find short term support at 0.8239, the low of May 9, and short term resistance at 0.8474, the high of June 1.
Earlier Thursday, the U.K. statistics agency said total sales volume increased 0.6% during May from a month earlier, after zero growth during April, whose figure was revised down from 0.3%.
Economists had expected more modest growth of 0.1% during May.
Meanwhile, the euro was up against the U.S. dollar, with EUR/USD gaining 0.41% to hit 1.2362.
Also Thursday, Spain sold EUR 3.5 billion of 10-year and 30-year bonds, the maximum set for the auction.
