FxWirePro: GBP/USD trades sideways as markets await U.S. inflation and UK GDP data

• GBP/USD traded sideways  on Tuesday Investors are awaiting U.S. inflation data   as well as second-quarter UK GDP data on Thursday ​to gauge the monetary ​policy outlook on ⁠both sides of the Atlantic

• U.S. ​Headline CPI is expected to rise 0.1% month-on-month in July, reversing June’s 0.4% decline, while the annual rate is forecast to ease to 3.4% from 3.5%. Core CPI is projected to increase 0.2% month-on-month.

•The UK is set to release second-quarter GDP and June economic growth figures on Thursday. Economists expect the economy to expand 0.4% quarter-on-quarter in April-June, slowing from the previous 0.6% reading, while monthly GDP is forecast to decline 0.1% in June..

• On the geopolitical front, U.S. President Donald Trump responded to Tehran’s peace-deal conditions with demands of his own, calling on Iran to provide compensation for those killed in wars, attacks and protests. Oil prices remained near a one-week high.

•   Immediate resistance is located at 1.3532(38.2%fib), any close above will push the pair towards 1.3574(Higher BB)

•  Strong support is seen at 1.3428(SMA20) and break below could take the pair towards 1.3412(38.2%fib).

  Recommendation: Good to buy  around 1.3480, with stop loss of 1.3430 and target price of 1.3560