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FxWirePro: GBP/USD rises towards 1.3200 level as the pairs bullish allure persisted across the board

• GBP/USD   climbed towards 1.3200 level on Monday as sterling attracted bids ahead of this week's UK inflation data and central bank meeting.

•  Inflation figures, due for release on Wednesday, will be crucial data ahead of the BoE's policy announcement.

• The BoE is widely expected to keep interest rates unchanged this week after a 25-basis-point cut last month.

• At GMT 14:58, the pair was trading up 0.58% at 1.3198, its highest level since September 6th

•   Immediate resistance is located at 1.3210( 23.6%fib), any close above will push the pair towards 1.3275(Higher BB)

•  Strong support is seen at 1.3120(Daily low) and break below could take the pair towards 1.3095(38.2%fib).

  Recommendation: Good to buy  around 1.3180, with stop loss of 1.3070 and target price of 1.3280

 

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