FxWirePro: GBP/USD hits one-month high, scope for further upside

• GBP/USD rose hit one-high on Wednesday   after softer-than-expected U.S. producer prices reinforced  expectation that the Federal Reserve will remain patient on interest rates   .

• U.S. producer prices fell 0.3% in June, marking the biggest monthly decline since April 2025, after a downwardly revised 0.6% increase in May, according to the Labor Department..

• Other factors supporting the currency in recent weeks include expectations of higher interest rates, resilient economic growth, and record inbound takeover activity involving British companies..

•Investors also remain optimistic that Britain can forge closer ties with the ​European Union, ahead of a summit ​next week.

• Money market traders are fully pricing in a hike ​by the November ⁠policy meeting, with a second rate hike priced in by April 2027.

•   Immediate resistance is located at 1.3534(38.2%fib), any close above will push the pair towards 1.3574(April 17th high)

•  Strong support is seen at 1.3417(38.2%fib) and break below could take the pair towards 1.3351(July 14th low).

  Recommendation: Good to buy  around 1.3480, with stop loss of 1.3400 and target price of 1.3550