FxWirePro: GBP/USD sustains gains as uptrend remains strong

• GBP/USD steadied on Wednesday as the U.S.-Japan trade deal helped lift global market sentiment.

• In a significant trade breakthrough, President Trump struck a deal with Japan that slashes tariffs on auto imports and avoids fresh duties on other Japanese goods, in return for $550 billion in investment commitments to the U.S. economy.

• Traders are closely watching the UK’s flash PMI for July and June retail sales figures this week, as both datasets could influence expectations around future Bank of England policy moves.

• Markets are currently pricing in an 87.9% probability of a 25-basis-point interest rate cut by the Bank of England at its next meeting.

•Meanwhile, India and the UK will finalize a free trade deal on Thursday during Prime Minister Modi’s trip to Britain, marking a key milestone in bilateral economic ties.

•   Immediate resistance is located at 1.3573(SMA 20), any close above will push the pair towards 1.3573(SMA 20)

•  Strong support is seen at 1.3449(50%fib) and break below could take the pair towards 1.33790(July 17th low).

  Recommendation: Good to buy around 1.3520 with stop loss of 1.3450 and target price of 1.3600