• GBP/USD hit two-month high on Friday after data showed UK consumer spending surged more than expected in January.
• British retail sales rose by 1.7% in January, figures from the Office for National Statistics showed on Friday
• The sales volume increase surpassed all estimates of economists, who had projected a median rise of 0.3%.
• At GMT 08:09, pound was last trading up 0.02% to $1.2669 against dollar.
• Immediate resistance is located at 1.2688(38.2%fib), any close above will push the pair towards 1.2739(Higher BB).
• Support is seen at 1.2578(50%fib) and break below could take the pair towards 1.2475(61.8%fib).
Recommendation: Good to buy around 1.2660 with stop loss of 1.2600 and target price of 1.2730
