FxWirePro: GBP/USD bearish momentum builds as dollar continues to gain

• GBP/USD  slipped lower on Thursday  as stronger dollar and mounting concerns over Britain’s economic prospects weighed on pound

•  Dollar gained against peers after data  showed US inflation   picked up in June; consumer spending rose moderately.

•U.S. data this week, including Q2 growth and employment figures, has highlighted a stronger US economic outlook compared to the UK’s weaker data.

•In contrast, the UK’s recent data has painted a much gloomier picture, with slowing growth, weakening consumer demand, and persistent inflation concerns weighing on the outlook.

• The Bank of England is widely expected to lower interest rates again next week, marking its fifth rate cut since last August.

• At GMT 14:14,the Pound   was down  0.26% at 1.3196 against dollar.

•   Immediate resistance is located at 1.3304(50%fib), any close above will push the pair towards 1.3390(July 30th high)

•  Strong support is seen at 1.3162(Lower BB) and break below could take the pair towards 1.3094(61.8%fib).

  Recommendation: Good to sell around 1.3200 with stop loss of 1.3260 and target price of 1.3140