• GBP/ USD eased slightly on Thursday as investors digested UK wage data and waited for a Bank of England decision on rates later in the day.
•Traders expect the Bank of England to keep rates at 4.5% at 1200 GMT, as it assesses the impact of Trump's tariffs and an upcoming UK employer tax hike.
• Private sector pay, excluding bonusesa key Bank of England measure rose 6.1% in the three months to January, slightly below the 6.2% increase recorded at the end of 2024.
• Pay growth across the economy, excluding bonuses, stood at 5.9%, unchanged from the fourth quarter, the Office for National Statistics said. Including bonuses, pay growth slowed to 5.8% from 6.1%.
• Immediate resistance is located at 1.3017( 23.6%fib), any close above will push the pair towards 1.3100(Higher BB)
• Strong support is seen at 1.2927(March 18th low) and break below could take the pair towards 1.2894(38.2%fib).
Recommendation: Good to buy around 1.2940, with stop loss of 1.2850 and target price of 1.3100
