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FxWirePro: GBP/USD capped by key fibo,bears set to regain control

• GBP/USD   initially dipped on Thursday but recovered some ground as investors booked profits on shorts.

•  Data on Wednesday that showed  British inflation dropped to the lowest since April 2021 prompted traders to price in a stronger chance of a UK rate cut in November..

• At GMT 20:48, the pair was trading up0. 16% at 1.3010, recovering from  April 2021 low.

•  Technical highlight downside  risks for GBP/USD   , with momentum studies, 5, 10 and 11 DMAs tracking south.

• Immediate resistance is located at 1.3017( 38.2%fib), any close above will push the pair towards 1.3054(23.6%fib)

•  Strong support is seen at 1.2977(23.6%fib) and break below could take the pair towards 1.2943(Lower BB).

  Recommendation: Good to sell  around 1.3030, with stop loss of 1.3100 and target price of 1.2920

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