FxWirePro: GBP/USD consolidates as traders await key catalysts

• GBP/USD traded in tight range on Monday    as investors focused on a pending meeting between U.S. President Donald Trump and leaders from Ukraine.

•Investors awaited U.S. President Trump’s meeting with Ukrainian President Zelenskiy and European leaders on Monday to discuss steps toward ending the war in Ukraine, following Trump’s summit with Russian President Putin in Alaska on Friday.

• The next key catalyst will be UK July CPI, forecast at 3.7% y/y vs. 3.6% prior. Persistently sticky inflation is expected to cast doubt on further BoE easing.

• A softer reading would reinforce expectations that the BoE could move toward rate cuts in the coming months to support growth.

•Money markets are pricing in roughly a 34% probability of a November BoE rate cut, reflecting a recalibration after last month’s hawkish repricing.

•   Immediate resistance is located at 1.3657(Higher BB), any close above will push the pair towards 1.3755(23.6%fib)

•  Strong support is seen at 1.3461 (38.2%fib) and break below could take the pair towards 1.3412(SMA 20).

  Recommendation: Good to buy around 1.3530  with stop loss of 1.3460 and target price of 1.3600