• GBP/USD retreated on Wednesday, backing off recent gains as dollar rebounded due to month-end buying.
• Investors focus will be on the U.S. personal consumption and gross domestic product estimates expected later in the week.
• The Fed is expected to cut rates by 103 basis points across the remaining three policy meetings of the year, according to market pricing.
• Technically the 14-day momentum is stretched, and the RSI remains above 70
• Immediate resistance is located at 1.3277( 23.6%fib), any close above will push the pair towards 1.3300( Psychological level)
• Strong support is seen at 1.3157(38.2%fib) and break below could take the pair towards 1.3051 (50% fib).
Recommendation: Good to buy around 1.3190, with stop loss of 1.3100 and target price of 1.3280.
