FxWirePro: GBP/USD edges higher but outlook strongly bearish

• GBP/USD initially dipped but recovered ground  on Thursday as weaker dollar of set downbeat UK GDP data

Britain’s economy showed minimal growth in the third quarter, weighed down by a September cyberattack on Jaguar Land

• The economy grew 0.1% in the third quarter of 2025, the Office for National Statistics said, slowing from growth of 0.3% in the second quarter.

• Investors raised bets on a Bank of England rate cut next month to about 82%, up from 60% earlier this week, market data showed.

• The data is unlikely to influence discussions surrounding Finance Minister Rachel Reeves’ November 26 budget, as the economy continues to expand sluggishly despite the government’s pledge to “kickstart” growth.

•   Immediate resistance is located at 1.3156(38.2%fib), any close above will push the pair towards 1.3219 (SMA 20)

•  Strong support is seen at 1.3006(23.6%fib) and break below could take the pair towards 1.2931(Lower BB).

  Recommendation: Good to sell around 1.3160 , with stop loss of 1.3210  and target price of 1.3050