FxWirePro: GBP/USD gains some upside momentum but still bearish

• GBP/USD gained some ground on Monday as calm returned to British markets   after the previous week's sharp swings,

• UK markets were jolted on Friday after reports suggested Finance Minister Rachel Reeves does not plan to raise income tax rates in the upcoming budget, unsettling investors who had expected a hike to help address the projected fiscal shortfall.

• The Bank of England kept interest rates unchanged this month, though the decision was closely contested, with four members of its Monetary Policy Committee voting for a 25-basis-point cut.

• Market focus now turns to this week’s UK inflation report, with the budget announcement looming and the Bank of England weighing its interest rate decision ahead of the December 18 policy meeting.

•Also this week, global investors will focus on U.S. jobs data and quarterly results from AI powerhouse Nvidia.

•   Immediate resistance is located at 1.3198(SMA 20), any close above will push the pair towards 1.3222(38.2%fib)

•  Strong support is seen at 1.3131(38.2%fib) and break below could take the pair towards 1.3018(23.6%fib).