FxWirePro: GBP/USD trims losses but outlook still bearish

• GBP/USD moved   the higher on Thursday  as dollar rally stalled and investors assessed the outlook for the Bank of England's monetary policy.

• On the data front,  British business activity showed companies reported the slowest growth in 11 months in October, as uncertainty ahead of the Labour government's first budget dampened confidence.

• Money markets priced in a roughly 89% chance on a quarter-point interest rate cut by the BoE at its November meeting, down from a 100% probability earlier this week.

• Immediate resistance is located at 1.2996(38.2%fib), any close above will push the pair towards 1.3078(50%fib).

• Strong support is seen at 1.2904(23.6%fib) and break below could take the pair towards 1.2853(Lower BB).

  Recommendation: Good to sell around 1.2990 , with stop loss of 1.3110 and target price of 1.2900