The GBP/USD pair crashed to the lowest level since November 2020 as investors embraced the US dollar as a safe haven.
The GBP/USD ignored the strong economic numbers published by the Office of National Statistics on Friday.economy continued its recovery pace in January as the impact of the Omicron variant faded. The economy expanded by 0.8% in January from the previous month. This growth led to a 10% year-on-year recovery.
This week will be an important one for the GBP/USD because of the top economic data from the UK. On Tuesday, the ONS will publish the latest jobs numbers. Economists polled by Reuters expect the data to show that the UK unemployment rate dropped from 4.15 to 4.0% in January this year. Meanwhile, the US will publish the latest retail sales numbers, which will provide a good gauge of consumer spending. Analysts expect that sales slowed down slightly as inflation remained high.
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