FxWirePro: GBP/USD drifts lower , could be on verge of bigger drop

• GBP/USD drifts lower on Friday  as lingering uncertainty over a Middle East ceasefire weighed on sentiment.

• Global stocks slipped on Thursday as Brent crude prices surged past $105 a barrel after Iran ruled out talks with Washington, dampening expectations of a swift resolution to the nearly month-long U.S.-Israeli conflict.

• The Bank of England, which before the conflict was expected to cut rates twice this year, is now seen by money markets delivering up to three rate hikes, contrasting with   that had forecast no change in 2026.

• Bank of England policymaker Alan Taylor said on Thursday that the bar for raising interest rates remains high, preferring to keep borrowing costs unchanged until there is greater clarity on the economic impact of the war with Iran.

• Britain's economic growth prospects this year received the sharpest downgrade of any major economy in the OECD's ​interim forecast update following the Middle East conflict.

• Immediate resistance is located at 1.3351(SMA 20), any close above will push the pair towards 1.3429(50%fib).

• Strong support is seen at 1.3255(38.2%fib), and break below could take the pair towards 1.3215(Lower BB).

Recommendation: Good to sell on  around 1.3300 with stop loss of 1.3360 and target price of 1.3220