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FxWirePro: GBP/USD edges lower, set to stay on back foot


• GBP/USD edged lower on Thursday as traders assessed key monetary policy decisions from major central banks and the UK’s economic outlook.

• The U.S. Federal Reserve held interest rates as expected and stated that it is in no rush to cut rates again.

• The European Central Bank is widely expected to reduce rates at 1315 GMT on Thursday, in a reflection of the slowing euro zone economy and cooling inflationary pressures.

• President Donald Trump's policies remain a risk for market, and Saturday is likely to see new tariffs slapped on Canada, Mexico and possibly China. 

• Immediate resistance is located at 1.2514 (61.8%fib), any close above will push the pair towards 1.2561(Higher BB).

• Support is seen at 1.2403(50%fib) and break below could take the pair towards 1.2299(38.2%fib).

Recommendation: Good to sell around 1.2430 with stop loss of 1.2480 and target price of 1.2360

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