• GBP/USD rose on Wednesday as the greenback eased as December interest rate cut chances firmed amid signs the American economy was slowing.
•U.S. private payrolls increased at a moderate pace in November, although it came below expectations, while annual wages for workers staying in their jobs edged up for the first time in 25 months
•Meanwhile, U.S. services sector activity slowed, with the ISM Nonmanufacturing PMI dropping to 52.1 from 56.0 in October.
• Sterling initially dipped following the data releases but managed to recover later.
• Immediate resistance is located at 1.2729(38.2%fib), any close above will push the pair towards 1.2833(50%fib)
• Strong support is seen at 1.2606(23.6%fib) and break below could take the pair towards 1.2467(Lower BB).
Recommendation: Good to buy around 1.2700 , with stop loss of 1.2620 and target price of 1.2830
