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UK retail sales have risen by 0.9% in January, better than 0.7% expected. Moreover, the increase came on top of an upward revision for December – a drop of 0.5% against 0.6% originally reported. 

GBP/USD has risen above 1.29 in response to the publication, recovering from the lows.

— more to come

GBP/USD was trading around 1.29 ahead of the publication, suffering due to concerns about Brexit and dollar strength. Earlier this week, UK wage growth figures disappointed with 2.9% yearly in December while inflation beat expectations with 1.8% in January.