GBP/USD: supported on positive data in the UK ahead of BoE this week - Scotiabank

Analysts at Scotiabank explained that UK retail sales rose strongly last month, compared with April last year, according to the BRC’s survey of like-forlike survey of sales. 

Key Quotes:

"The 5.6% gain in sales was well ahead of expectations and represented the strongest advance in this measure since 2001. The data may help offset worries that rising prices and stagnant wages are compromising the UK consumer."

"Note the BoE policy meeting Thursday is expected to see policy left unchanged but focus will on whether dissent (Forbes voted in favour of tightening in Mar) for steady policy grows or retreats."