FxWirePro: GBP/USD climbs to one-week peak as dollar sags

• GBP/USD climbed to one-week on Tuesday  as Trump's Greenland threats spark triggered a broad selloff in dollar.

• Heightened uncertainty around U.S. foreign policy and trade relations has weighed on the dollar, encouraging investors to rotate into alternative currencies, including sterling.

• On the domestic front, UK labour market data offered little surprise to markets. The ILO unemployment rate held steady at 5.1%, in line with expectations, while wage growth excluding bonuses remained at 4.5%, also matching forecasts.

•  Meanwhile, political headlines added another layer of uncertainty after former U.S. President Donald Trump criticized the UK’s Chagos Islands agreement with Mauritius, calling it “an act of total weakness..

• Focus now shifts to    retail sales data which is  expected to provide fresh insight into the health of the economy and shape near-term market expectations.

•   Immediate resistance is located at 1.3491(Daily high), any close above will push the pair towards 1.3550(38.2%fib)

•  Strong support is seen at 1.3445(50%  fib) and break below could take the pair towards 1.3346 (61.8%  fib).

  Recommendation: Good to buy around 1.3470 with stop loss of 1.3410 and target price of 1.3550