• GBP/USD strengthened on Wednesday as dollar eased ahead of minutes of the Federal Reserve's July meeting.
• Preliminary revisions to U.S. labour data are also due to be published and a large downward revision is expected, helping to support the case for cutting interest rates.
• Fed meeting minutes are also expected on Wednesday to reinforce a dovish stance ahead of a speech from the central bank's chair Jerome Powell on Friday.
• Technical signals are strongly bullish as RSI is at 68, daily momentum studies 5, 9 and 10 DMAs are trending up.
• Immediate resistance is located at 1.3063( 23.6%fib), any close above will push the pair towards 1.3088( Higher BB)
• Strong support is seen at 1.2995(38.2%fib) and break below could take the pair towards 1.2934 (50% fib).
Recommendation: Good to buy around 1.3030, with stop loss of 1.2980 and target price of 1.3100.
