FxWirePro: GBP/USD dips below lower range, bearish bias increases

• GBP/USD   slipped lower on Tuesday  as  widening U.S.-UK rate differentials favoured  dollar .

• Recent soft UK data and central bank comments have altered Bank of England policy expectations from a more hawkish stance compared to the Fed.

•  Traders are now focused on a slew of BoE member comments and UK flash PMIs later this week and the UK budget to be announced Oct. 30 for clues as to the depth and speed of upcoming rate cuts.

• At GMT 16:39, the pair was trading down 0.06% at 1.2975 lowest reading since Aug 19th.

•   Immediate resistance is located at 1.3020( 5SMA), any close above will push the pair towards 1.3040 (38.2%fib).

•  Strong support is seen at 1.2953(23.6%fib) and break below could take the pair towards 1.2900(Psychological Level.

  Recommendation: Good to sell  around 1.2980, with stop loss of 1.3050 and target price of 1.2920