• GBP/USD dipped on Friday as investors eagerly anticipate a crucial U.S. inflation reading scheduled for later in the day..
• Markets will pay close attention to U.S. Personal Consumption Expenditure (PCE) data later in the day, whichis likely provide insights into potential monetary policy decisions for the world's largest economy.
• Bank of England's Deputy Governor Dave Ramsden said wage pressures in Britain have raised the risk of inflation holding above the Bank of England's target, though he added that interest rate cuts did not necessarily need to be slow.
• At GMT 11:52, pound was last trading down 0.07% to $1.2590 against dollar.
• Immediate resistance is located at 1.2702(50%fib), any close above will push the pair towards 1.2740(Higher BB).
• Support is seen at 1.2565(38.2%fib) and break below could take the pair towards 1.2417(23.6%fib).
Recommendation: Good to sell around 1.2629with stop loss of 1.2629and target price of 1.2629
