• GBP/USD eased on Thursday as investors digested US economic data and awaited Friday’s UK GDP data.
• U.S. producer prices held steady in February, marking the first time in seven months that they remained unchanged. Additionally, a decrease in unemployment benefit claims last week suggests continued stability in the economy.
• The upcoming UK GDP figures, due for release on Friday, are expected to show a modest increase in the three-month growth rollover, rising to 0.3% from 0.1% in the prior report.
• At GMT 17:20, the pair was trading down 0.33% at 1.2940, retreating from daily high 1.2974.
• Immediate resistance is located at 1.2984(23.6%fib), any close above will push the pair towards 1.3065(Higher BB)
• Strong support is seen at 1.2875(March 11th low) and break below could take the pair towards 1.2818(38.2%fib).
Recommendation: Good to buy around 1.2930, with stop loss of 1.2850 and target price of 1.3050
