UK Retail Sales for the month of December were much lower than expected at 0.3% (1.3% forecast). The figure was the weakest for the month of December for the last eleven years. Discouraged GBP bulls closed positions as the Sterling sank below 1.6200 on the news and it has since dropped below 1.6150. EURGBP moved higher to 0.8735 as the Euro retraced some of its losses this week and it is currently rallying above 0.8750.



