• GBP/USD started strong on Tuesday but gave up some earlier ground as optimism around Trump easing tariffs faded.
• Looking ahead, market participants are awaiting the Bank of England's policy meeting later this week.
• The BoE is widely expected to cut rates by 25 basis points (bps) on Thursday, could nudge investors to expect faster rate reductions.
• At GMT 11:11, the pair was trading down 0.2% at 1.2422
• Immediate resistance is located at 1.2511( 50%fib), any close above will push the pair towards 1.2595(Higher BB)
• Strong support is seen at 1.2400(38.2%fib) and break below could take the pair towards 1.2226(23.6%fib).
Recommendation: Good to sell around 1.2430, with stop loss of 1.2480 and target price of 1.2360
