Pound Strengthens After U.K. Retail Sales Data

The pound climbed against the other major currencies on Thursday's European deals, after data showed that U.K. retail sales recovered at a faster-than-expected pace on non-food store sales in April.

Data from the Office for National Statistics showed that the volume of retail sales including auto fuel expanded 1.2 percent month-on-month reversing a 0.7 percent fall in March. Sales were expected to grow 0.4 percent.

Likewise, excluding auto fuel, sales increased 1.2 percent after staying flat in March. Economists had forecast a 0.2 percent rise for April.

The pound rose to a 2-day high of 1.5643 versus the dollar, while approaching 189.20 versus the yen, its highest level since December 8.

Reversing from early lows of 1.4519 against the franc and 0.7166 against the euro, the pound edged up to 1.4593 and 0.7128, respectively.

The next possible upside target for the pound may be seen around 1.58 against the greenback, 192.00 against the yen, 1.50 against the franc and against the euro.