FxWirePro: GBP/USD ticks higher as markets digested UK data and awaits the UK budget

• GBP/USD edged higher on Friday as traders digested UK economic data and positioned ahead of the much-anticipated UK budget.

• Investors are watching closely to see whether Finance Minister Rachel Reeves can strike the right balance between fiscal discipline and supporting economic growth.

• Britain’s annual autumn budget, set for release on November 26, is one of the year’s most closely watched events for investors.

• On the data front ,UK retail sales volumes fell by 1.1% in October compared with a month before, their first month-on-month fall since May, the Office for National Statistics said on Friday.

• The S&P Global Composite PMI flash reading fell to 50.5 in November from 52.2 in October, coming in just above the 50 level that separates expansion from contraction.

•   Immediate resistance is located at 1.3119(Nov 20th high), any close above will push the pair towards 1.3151(38.2%fib)

•  Strong support is seen at 1.3017 (23.6%fib) and break below could take the pair towards 1.2975(Lower BB).

  Recommendation: Good to sell around 1.3100 , with stop loss of 1.3200 and target price of 1.3020