FxWirePro: GBP/USD claws back some ground, bulls set to regain control

• GBP/USD initially rose but lost momentum as U.S. tariffs took effect, dampening hopes for concessions from President Trump and heightening concerns about the impact on the global economy.

• U.S. President Donald Trump's broad tariffs, including hefty 104% duties on Chinese goods, have disrupted a global trading system that has lasted for decades.

• Despite Britain facing a low 10% import duty rate, the Bank of England has cautioned that global economic risks have risen, leaving the UK especially vulnerable as an open economy with a large financial sector.

• At GMT 14:49, the Dollar was up 0.02% to 1.2764  against the British Pound.

• Immediate resistance is located at 1.2920 (38.2%fib), any close above will push the pair towards 1.3000 (Psychological level).

• Strong support is seen at 1.2742 (50% fib) and break below could take the pair towards 1.2703(Lower BB).

Recommendation: Good to buy  around 1.2730, with stop loss of 1.2650 and target price of 1.2800