FxWirePro: GBP/USD rises to 10-week high, UK Pay data in line with expectations

• 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