• GBP/USD edged higher on Friday as investors digested the latest economic data from the UK
• British retail sales data showed an unexpected increase in February, with sales volumes rising by 1.0% month-on-month, data by the Office for National Statistics (ONS) showed on Friday.
• In addition to the retail data, the UK's GDP for the fourth quarter of 2024 showed a 0.1% quarter-over-quarter expansion, aligning with market expectations..
•The positive economic data helped ease some of the concerns about the UK's economic outlook, giving investors confidence in the pound.
• At GMT 09:33, the pair was trading up 0.01 percent at 1.2945
• Immediate resistance is located at 1.3009(23.6%fib), any close above will push the pair towards 1.3055(Higher BB)
• Strong support is seen at 1.2870(38.2%fib) and break below could take the pair towards 1.2785(Lower BB).
Recommendation: Good to buy around 1.2930, with stop loss of 1.2850 and target price of 1.3000
