UK consumers spent more at retail outlets in January, according to data from the UK’s Office for National Statistics (ONS).
The data showed that retail sales, excluding auto fuel, grew 0.9% on the month. It was the first increase in the past three months. Excluding auto fuel, retail sales were up 1.6% from a month ago.
GBP/USD Looks to Paring Losses
The GBPUSD, after losing the 1.2960 handle, is looking to pare losses. Price action is attempting to retreat after slipping to a two-month low.
Any gains will be testing the resistance level near 1.2960 in the short term. We expect price to remain subdued as long as this level is not breached.