FxWirePro: GBP/USD recovers from 1-week low, outlook bullish

 • GBP/USD strengthened on Monday as the dollar weakened as investors shifted their focus to the U.S. jobs report scheduled for the end of the week.

•  The U.S. payrolls report, scheduled for Friday, will be critical following Federal Reserve Chair Jerome Powell's shift from focusing on inflation to addressing potential job losses.

• Traders currently assign a 33% probability to a 50-bps rate cut by the Federal Reserve this month, with a quarter-point cut fully anticipated. 

• The pair has seen a 1.3116-1.3152 range, on Monday ,it was last trading at 1.3151

•   Immediate resistance is located at 1.3200( 38.2%fib), any close above will push the pair towards 1.3264( Aug 28th high).

•  Strong support is seen at 1.3098(50%fib) and break below could take the pair towards 1.3000(61.8%fib).

  Recommendation: Good to buy around 1.3140, with stop loss of 1.3060 and target price of 1.3200.