At 4:30 am ET Thursday, the Office for National Statistics releases U.K. retail sales data for June. Sales are forecast to grow 0.4 percent on month in June, reversing a 1.2 percent fall in May.

Ahead of the data, the pound dropped against its major rivals.

As of 4:25 am ET, the pound was trading at 0.8857 against the euro, 1.2426 against the Swiss franc, 1.2979 against the U.S. dollar and 145.81 against the yen.

Grafico Cross Sterling vs US Dollar (FX:GBPUSD)

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Grafico Cross Sterling vs US Dollar (FX:GBPUSD)

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