Statistics on retail sales in the UK has pleased investors. Thus, the growth in November was 1.7%, against a decline of 0.5% in October. The market average forecast of growth was at 0.6%. It is worth noting that the UK balance of production orders also improved to -7, which is 4 better, but still points to a weakness in the sector. Strong retail sales and unemployment in the country will support the British pound in the near future despite the pressure from a stronger US dollar, but we maintain a medium-term negative outlook with the downside potential to 1.46.