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FxWirePro: GBP/USD extends drop, faces 50%fib support

• GBP/USD slipped lower dollar on Friday  after data showed a key US inflation measure came in line with forecasts .

•US PCE price index rose 0.2% last month, following a 0.1% increase in June, and climbed 2.5% year-over-year, consistent with June's gain.

•Following the data, U.S. rate futures on Friday indicated a 31% chance of a 50 basis-point rate cut next month, down from 35% on Thursday.

• The pair has seen a 1.3130-1.3200 range, on Friday,it was last trading at 1.3142

•   Immediate resistance is located at 1.3231( 38.2%fib), any close above will push the pair towards 1.3264( Aug 28th high)

•  Strong support is seen at 1.3120(50%fib) and break below could take the pair towards 1.3074 (Aug 24th low).

  Recommendation: Good to sell  around 1.3150, with stop loss of 1.3210 and target price of 1.3080.

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