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FxWirePro: GBP/USD slips as dollar strengthens ahead of Fed minutes

• GBP/USD came under pressure on Wednesday as the dollar gained ahead of the release of the FOMC minut

• The Federal Reserve will publish minutes from its September policy meeting, where it delivered its first rate hike since 2023 amid persistent inflation pressures..

• Markets are pricing in a Fed rate hold later this month, with the odds of a December rate hike standing at 84%, according to CME’s FedWatch tool..

•Kansas City Fed President Jeff Schmid said further rate hikes may be needed to bring inflation under control, while San Francisco Fed President Mary Daly said future policy decisions would depend on the persistence of inflationary pressures.

•Meanwhile, oil prices rose on continued Middle East supply risks and a storm heading for ​oil-producing regions in the United States.

•  Immediate resistance is located at 1.3281(38.2%fib), any close above will push the pair towards 1.3323(SMA 20)

•  Strong support is seen at 1.3158(23.6%fib) and break below could take the pair towards 1.3104(Lower BB).

  Recommendation: Good to sell  around 1.3240, with stop loss of 1.3300 and target price of 1.3160

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