FxWirePro: GBP/USD runs out of steam but maintains bullish outlook

• GBP/USD   eased on Wednesday  as investors reacted to disappointing April PMI data from the UK, which came in weaker than forecast.

• A survey showed British companies faced pressure in April due to the escalating global trade war, raising fears of a potential economic downturn.

• The S&P Global Composite Purchasing Managers' Index (PMI), a gauge of the private sector economy, slid to 48.2 in April from 51.5 in March.

•  The latest data showed the lowest business confidence since November 2022, when companies were hit by rising energy costs and market turmoil following former Prime Minister Liz Truss' controversial budget plans.

• At GMT 10: 02, the pair was trading down 0. 05% at 1.3318

•   Immediate resistance is located at 1.3344 ( Daily high), any close above will push the pair towards 1.3408 (23. 8%fib)

•  Strong support is seen at 1. 3211 (38.2%fib) and break below could take the pair towards 1.2905(50%fib).

  Recommendation: Good to buy  around 1. 3300, with stop loss of 1.3100 and target price of 1.3380