• GBP/USD advanced on Wednesday, supported by a softening dollar and encouraging UK services data, which provided a boost to sterling.
• The S&P Global UK Services Purchasing Managers Index rose in August to 53.7 from 52.5 in July, above a preliminary estimate of 53.3.
• The dollar softened against most major currencies following July's U.S. job openings data, which indicated a cooling labor market.
•At GMT 16:12, the pair was trading up 0.22 percent at 1.3142 after reaching daily high at 1.3176.
• Immediate resistance is located at 1.3176( 38.2%fib), any close above will push the pair towards 1.3228( Aug 29th high)
• Strong support is seen at 1.3084(50%fib) and break below could take the pair towards 1.3000(Psychological level).
Recommendation: Good to buy around 1.3130, with stop loss of 1.3060 and target price of 1.3200.
