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

• GBP/USD edged higher on Friday as investors digested UK GDP and  US inflation data.

• Britain's economy grew 1.6% year-on-year in July, marking its strongest annual expansion since February 2025 and beating economists' 1.2% forecast, official data showed on Friday...

• The Consumer Price Index increased 0.4% last month after edging up 0.1% in July, the Labor Department's Bureau of Labor Statistics said on Friday.

 •In ⁠the 12 months through August, consumer inflation advanced 3.4% after rising by the same margin in July.

•Meanwhile, traders are now pricing in a 85% chance of a rate hike at the central bank's policy meeting next week, up from 67% ⁠before the data, according to the CME FedWatch Tool...

•Markets see little chance of a Bank of England rate hike next week, although at least two increases are priced in by March, with a third carrying a 40% probability.

•   Immediate resistance is located at 1.3561(SMA 20), any close above will push the pair towards 1.3641(61.8%fib)

•  Strong support is seen at 1.3495(50%fib) and break below could take the pair towards 1.3438(Lower BB).

  Recommendation: Good to sell  around 1.3570, with stop loss of 1.3650 and target price of 1.3500