• GBP/USD rose on Thursday as sterling was boosted after British retail sales growth topped forecasts, easing concerns about the broader outlook for the economy this year.
   
• Retail sales volumes rose 2.3 percent on the month in April - beating economists' average forecast of a 1.0 percent rise - and turning back a 1.4 percent fall in March, official data showed.
   
• The pound, trading at $1.3024, rose to hit daily high at $1.3046, its highest level since Sept. 29.
   
• The ongoing upside is set to continue for this pair as the support level at 1.2934  is likely to act as strong barrier to the bears in the short term.
   
• To the upside, strong resistance can be seen at 1.3050, a break above this level would expose the cable to next resistance level at 1.3100 levels.
   
• To the downside immediate support can be seen at 1.2994, a break below at this level will open the door towards next level at 1.2934.
  
  Resistance Levels
  
  R1:  1.3050 (38.2 % Retracement level)
  
  R2: 1.3100 (Psychological levels)
  
  R3: 1.3120 (23.6 % Retracement level)
  
  Support Levels
  
  S1: 1.2994 (50 % Retracement level)                       
  
  S2: 1.2934 (61.8% Retracement level)
  
  S3: 1.2900 (May 17th lows)