FxWirePro: GBP/CHF fades initial gains, pound unimpressed by upbeat UK Retail Sales

Chart - Courtesy Trading View 

GBP/CHF was trading 0.27% higher on the day at 1.2544 at around 09:15 GMT, down from session highs at 1.2575.

A recovery in the risk sentiment undermined the safe-haven Swiss franc and extended some support.

However, the pair failed to extend initial gains and have largely retraced break above 200-DMA.

The British pound seemed largely unimpressed by upbeat UK Retail Sales amid the lack of progress on NI protocol.

UK Retail Sales recorded strong-than-anticipated growth of 1.9% MoM growth in January. Core sales also surpassed expectations and rose 1.7% during the reported month. 

Stronger UK wage growth data along with hotter inflation figures validated expectations for a 50 bps rate hike at the BoE March MPC meeting.

On the other side, lack of progress in talks to resolve the problems with the Northern Ireland protocol of the Brexit agreement held back traders. 

GBP/CHF trades with a bullish technical bias. Decisive close above 200-DMA will fuel further gains in the pair.