The pair is currently trading at around 1.2381.
Pound (GBP) Slips on Back of Data Releases
The Pound lost its footing this morning as disappointing data releases scuppered Sterling movement.
Although retail sales managed to edge to 0.3% in December from a -4.1% contraction in November, the figures missed the 1.2% forecast entirely.
The figures worried investors as the growth, albeit small, showed that despite being out of lockdown shoppers couldn’t be drawn to spend money, sparking concern for the economy.
Furthermore, the UK Services PMI fell sharply to 38.8 points in January, down from 49.4 in December.
Chris Williamson, Chief Business Economist at IHS Markit, said: