FxWirePro: GBP/CHF slips lower from session highs, pound weakens after UK Retail Sales miss

GBP/CHF chart - Trading View 

GBP/CHF slipped lower from session highs at 1.2530 and was trading largely muted at 1.2510 at around 09:40 GMT.

The British pound weakened across the board after UK Retail Sales missed expectations.

The UK retail sales came in at -8.2% over the month in January vs. -2.5% expected and 0.3% previous. Core Retail Sales slumped by 8.8% MoM, vs. -2.6% expected and 0.4% previous. 

On an annualized basis, the UK retail sales dropped by 5.9% in January vs -1.3% expected and 2.9% prior while the core retail sales fell by 3.8% vs 2.2% expectations and 6.4% previous.

Bearish pressure around the pound resurged on the downbeat Retail Sales, dragging the pair lower. Technical bias however, still remains bullish.

Also, big beat on UK preliminary Manufacturing PMI to keep downside cushioned. UK Manufacturing PMI beats estimates with 54.9 in Feb against 53.2 expected. Services PMI jumps to 49.7 against 41 expected. 

GBP/CHF has broken above 61.8% Fib retracement at 1.2471 and is on track to test 200W MA at 1.2603.