• GBP/USD traded in a narrow range on Friday as U.S. inflation data helped offset ongoing UK political uncertainty.
• Inflation readings in the U.S. eased expectations of further Federal Reserve rate hikes and limited dollar strength.
• As a result, the pair remained range-bound, with neither side able to establish clear directional momentum amid mixed macro and political signals..
• A softer U.S. dollar is offering temporary support to GBP/USD, helping the pair stabilise in the near term, but risks remain elevated from geopolitical developments around the Strait of Hormuz.
• Immediate resistance is located at 1.3237(Daily high) , any close above will push the pair towards 1.3339(50%fib)
• Strong support is seen at 1.3142(23.6%fib) and break below could take the pair towards 1.3080(Lower BB).
Recommendation: Good to sell around 1.3230, with stop loss of 1.3300 and target price of 1.3120
