FxWirePro: GBP/USD edges higher but outlook still bearish

• GBP/USD edged higher on Friday as  investors weighed mixed economic data and added to bets on Bank of England interest rate cuts. 

• Investors were contending with mixed economic data after figures published Friday showed that retail sales volumes rose at the fastest annual pace in nearly four years in January.

• Economic data published earlier in the week had also painted a weaker picture and added to dovish expectations for the Bank of England's monetary policy, with the UK's jobless rate picking up slightly in the fourth quarter of 2025

• Money markets were last pricing in a close to 80% chance of the BoE trimming interest rates by 25 basis points at its March meeting, with a further cut being expected later in the year.

• Immediate resistance is located at 1.3575(50%fib), any close above will push the pair towards 1.3637(SMA20.

•  Support is seen at 1.3439(61.8%fib) and break below could take the pair towards 1.3398(Lower BB).

Recommendation: Good to sell around 1.3550  with stop loss of 1.3600 and target price of 1.3430