FxWirePro: GBP/USD holds steady after UK data , retains bid tone

• 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