FxWirePro: GBP/USD extends drop, vulnerable to more downside.

• GBP/USD   dipped on Wednesday as stronger dollar and  easing UK inflation figures weighed on pound

•  United Kingdom inflation fell to its lowest level since March last year, reinforcing expectations of a rate cut by the Bank of England, although underlying price pressures remained strong.

•Consumer prices in the United Kingdom rose 3.0% YoY in January, easing from 3.4% in December, as transport, food, and non-alcoholic drink prices increased more slowly, according to the Office for National Statistics.

•Interest rate futures now show nearly a 90% chance of a March rate cut by the Bank of England, up from about 80% before the data, with another cut expected in late 2026.

•Meanwhile, the dollar extended gains following a batch of economic data and ahead of the minutes from the Federal Reserve's January meeting.

•   Immediate resistance is located at 1.3583( Daily high), any close above will push the pair towards 1.3667(38.2%fib)

•  Strong support is seen at 1.3521(50%fib) and break below could take the pair towards 1.3483(Lower BB).

  Recommendation: Good to sell  around 1.3550, with stop loss of 1.3650 and target price of 1.3480