FxWirePro: GBP/USD gains some ground but outlook still bearish

• GBP/USD strengthened on Wednesday    as Sterling found support following comments from Federal Reserve Governor Kevin Wars.

• Federal Reserve Chair Kevin Warsh reaffirmed the Fed's commitment to its 2% inflation target on Wednesday, saying he would not pursue loose monetary policy despite President Donald Trump's calls for interest rate cuts..

• At his second public appearance since becoming Federal Reserve Chair in May, Kevin Warsh joined other leading central bankers in Portugal in downplaying the use of forward guidance, signalling a preference to avoid providing explicit policy or economic outlooks..

Warsh said the Federal Reserve will make any interest rate decisions only when policymakers meet behind closed doors at their next two-day meeting on July 28.

• His remarks reflected a broader reluctance among policymakers to offer detailed guidance on the economy amid ongoing uncertainty.

•   Immediate resistance is located at 1.3293 (SMA20), any close above will push the pair towards 1.339(38.2%fib)

•  Strong support is seen at 1.3160(23.6%fib) and break below could take the pair towards 1.3129(Lower BB).

  Recommendation: Good to sell  around 1.3290, with stop loss of 1.3360 and target price of 1.3200