FxWirePro: GBP/USD recovers slightly from early decline but bears are not done yet

• GBP/USD  initially dipped but recovered some ground as traders positioned for a likely Andy Burnham premiership in Britain and ​digested UK GDP data.

•Investors continued to digest Burnham's Monday speech, in which he pledged to devolve more power to regions and foster cooperation to support long-term economic growth

• Markets were initially wary of a Burnham ​premiership amid expectations he could pursue higher borrowing and spending. 

•As political and fiscal uncertainty eases, market attention is shifting back to monetary policy, putting this week's U.S. payrolls report under the spotlight for clues on the Fed's near-term policy path.

• Tuesday's data confirmed Britain's economy grew 0.6% in the first quarter, in line with initial estimates and having little impact on markets.

•   Immediate resistance is located at 1.3314( SMA 20), any close above will push the pair towards 1.3336(50%fib)

•  Strong support is seen at 1.3198(38.2%fib) and break below could take the pair towards 1.3133(SMA 20).

  Recommendation: Good to sell around 1.3260, with stop loss of 1.3300 and target price of 1.3200