GBP/USD is recovering now after trading sharply lower

The cable is recovering now after trading sharply lower in the previous sessions, where the British pound succumbed to weakness against the US dollar. The pair has been moving higher recently after the upbeat retail sales data in January. Britain’s Consumer Price Index also beat expectations with 1.8%. Meanwhile, the US dollar is extending its gains across the board, with this week’s economic indicators all beating estimates. These indicators include Housing Starts, Producer Prices, and Building Permits. At the same time, the market apparently agrees the Federal Reserve meeting minutes from its January meeting also solidified the buck’s strength. It is also evident that the US central bank is united on its decision to keep rates unchanged. The US dollar got stronger in the recent sessions also because of the concerns surrounding the coronavirus spread, which combined with the outperformance of the US economy positively.