• GBP/USD rose sharply on Tuesday as dollar slumped ahead Fed rate decision on Wednesday.
• Markets expect a 25 basis points rate cut on Wednesday, with rapidly softening labour market data being the key driver of the ramp-up in easing bets in recent weeks.
• Data showed on Tuesday that Britain's jobs market has lost a little more steam, potentially easing worries at the Bank of England about persistent inflation pressures.
• A report from the Office for National Statistics on Tuesday showed payrolls declined for the seventh straight month, while private sector wage growth eased to 4.7% in May–July from 4.8% in the prior three months.
• The Bank of England is widely expected to hold interest rates steady at its upcoming meeting, after delivering a rate cut in August.
. • At GMT 12:12, the pound was up 0.29% to 1.3639 against the dollar.
• Immediate resistance is located at 1.3622(Higher BB), any close above will push the pair towards 1.3780(23.6%fib)
• Strong support is seen at 1.3593 (Daily low) and break below could take the pair towards 1.3505(38.2%fib).
Recommendation: Good to buy around 1.3600 with stop loss of 1.3530 and target price of 1.3680
