• GBP/USD climbed above $1.31 level on Friday as attention turned to next week's UK inflation data and central bank meeting.
• The next crucial data for the BoE will be the UK inflation figures released on Wednesday, the day before its policy announcement.
• The BoE is widely expected to keep interest rates unchanged next week, with futures markets suggesting an approximately 80% chance that rates will remain on hold, following a 25 basis-point cut last month.
• At GMT 16:58, the pair was trading up 0.05% at 1.3129, its highest level since September 6th
• Immediate resistance is located at 1.3154( 38.2%fib), any close above will push the pair towards 1.3231(Sep 6h high)
• Strong support is seen at 1.3075(50%fib) and break below could take the pair towards 1.3000(Psychological level).
Recommendation: Good to buy around 1.3120, with stop loss of 1.3070 and target price of 1.3220
