FxWirePro: GBP/USD neutral in the near-term, scope for downward resumption

• GBP/USD saw limited movement Friday as markets looked to Powell for hints on the future of U.S. rates.

• Markets are eyeing the Jackson Hole symposium for cues from Powell on a possible September rate cut after signs of labor market softness in the U.S.

• Investors trimmed rate cut wagers ahead of an eagerly anticipated speech from Fed Chair Jerome Powell scheduled for 1400 GMT.

•Money markets are currently pricing in a 73% chance of 25 basis point rate cut next month, down from 85% a week earlier, per CME's FedWatch tool.

• On the data front, British consumers data showed a modest uptick in confidence this month after the recent BoE interest rate cut, but remain sensitive to inflation and tax worries.

•   Immediate resistance is located at 1.3570(38.2%fib), any close above will push the pair towards 1.3621(Higher BB)

•  Strong support is seen at 1.3386 (50%fib) and break below could take the pair towards 1.3278(Aug 6th low).

  Recommendation: Good to sell  around 1.3430  with stop loss of 1.3500 and target price of 1.3360