• GBP/USD initially dipped but recovered ground on Thursday after data showed signs of labor market weakness and a higher-than-expected rise in U.S. inflation in September.
• Labor Department data on Thursday showed that the consumer price index increased 0.2% in September..
• Other data from the Labor Department also showed that the number of Americans seeking unemployment benefits surged last week
• Technical signals bearsih as RSI is at 41 , daily momentum studies 5, 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.3088( Daily high), any close above will push the pair towards 1.3144 (38.2%fib).
• Strong support is seen at 1.3012(23.6% fib) and break below could take the pair towards 1.2942(Lower BB).
Recommendation: Good to sell around 1.3060 with stop loss of 1.3140 and target price of 1.2950
