• GBP/USD saw a dip on Friday, despite positive retail sales data from the UK, as the dollar gained traction due to hopes of a U.S.-China trade truce.
• The dollar saw its first weekly rise in over a month as investors gained confidence from signs that the U.S. and China were ready to de-escalate their trade war.
• On the data front,retail sales volumes increased by 0.4% in March, following a downwardly revised growth of 0.7% in February, according to the Office for National Statistics.
•Consumer spending remained resilient in March despite continuing economic pressures as warmer weather boosted clothing and other non-food sales
• At GMT 10: 27, the pair was trading down 0. 34% at 1.3295
• Immediate resistance is located at 1.3406 (23.6%fib), any close above will push the pair towards 1.3498(Higher BB)
• Strong support is seen at 1.3211 (38.2%fib) and break below could take the pair towards 1.3063(50%fib).
Recommendation: Good to buy around 1. 3290, with stop loss of 1.3180 and target price of 1.3380
