• GBP/USD strengthened on Monday as focus shifted U.S. presidential election and a potential rate cut by the Bank of England (BoE) later this week.
• Investor focus will be on the U.S. presidential election. Democrat Kamala Harris and Republican candidate Donald Trump remain virtually tied in opinion polls ahead of Tuesday's vote.
• The BoE meets on Thursday to take a call on interest rates. Markets maintained their expectations for a 25-basis-point rate cut by the central bank.
• Immediate resistance is located at 1.3021 ( 38.2%fib), any close above will push the pair towards 1.3090(50%fib)
• Strong support is seen at 1.2949 (38.2%fib) and break below could take the pair towards 1.2865(23.6%fib).
Recommendation: Good to buy around 1.2970, with stop loss of 1.2900 and target price of 1.3050.
