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

• GBP/USD strengthened  on Friday as broad-based US dollar selling, increased risk sentiment supported pound.

•Data on Thursday showed, UK GDP grew at its fastest pace since June in November, helped by Jaguar Land Rover’s return to full production after a cyberattack disruption.

•Economists said the figures also suggested that nervousness about finance minister Rachel Reeves' annual budget statement on November 26 had not affected output as much as feared.

•Investors are pricing in nearly two BoE rate cuts this year, with the first likely in June and just a 6% chance of a cut next month.

•Employment figures, house price data, and inflation releases due next week are expected to provide fresh direction for sterling and shape expectations around Bank of England policy.

•   Immediate resistance is located at 1.3452(SMA 20), any close above will push the pair towards 1.3465(38.2%fib)

•  Strong support is seen at 1.3373(50%  fib) and break below could take the pair towards 1.3328(Lower BB).

  Recommendation: Good to sell around 1.3390 with stop loss of 1.3530 and target price of 1.3320