FxWirePro: GBP/USD firms as traders eye UK CPI and Jackson Hole

• GBP/USD edged higher on Tuesday as markets gauged the probability of a peace deal between Russia and Ukraine and awaited UK CPI figures.

• U.S. President Donald Trump assured Ukrainian President Volodymyr Zelenskiy that Washington would help guarantee Ukraine’s security in any potential peace deal with Russia, though specifics of the pledge remain unclear.

• Focus now shifts to U.K. inflation data due Wednesday, with analysts expecting headline CPI to rise to 3.7% in July and services inflation to quicken to 4.8%.

• Faster inflation could slow the Bank of England’s rate-cut pace, though recent labor market weakness adds uncertainty to the outlook.

• Market attention is also on Fed Chair Jerome Powell’s remarks at the Jackson Hole symposium (Aug 21–23), which may provide clarity on the central bank’s economic outlook.

•   Immediate resistance is located at 1.3601(38.2%fib), any close above will push the pair towards 1.3705(Higher BB)

•  Strong support is seen at 1.3445 (50%fib) and break below could take the pair towards 1.3422(Lower BB).

  Recommendation: Good to buy around 1.3500  with stop loss of 1.3430 and target price of 1.3570