• GBP/USD fell on Wednesday as the dollar regained strength, driven by expectations of increased fiscal spending, higher tariffs, and stricter immigration under the new U.S. administration
• GBP/USD got a brief boost before paring those gains as data showed stronger than expected jump inBritish consumer inflation in October.
• At GMT 17:05, the pair was trading down 0.23% at 1.2631, retreating from daily high 1.2719.
• Technical signals are bearish as RSI is heading down at 33, daily momentum studies 5, 9 and 11 SMAs are trending down.
• Immediate resistance is located at 1.2716( 38.2%fib), any close above will push the pair towards 1.2759 (SMA 9)
• Strong support is seen at 1.2602(23.6%fib) and break below could take the pair towards 1.2574(Lower BB).
Recommendation: Good to sell around 1.2640 with stop loss of 1.2700 and target price of 1.2560
