FxWirePro: GBP/USD softens after UK GDP data

• GBP/USD eased slightly on Friday  after data showed UK economy had stagnated in July.

• UK gross domestic product was unchanged in July, following a 0.4% expansion in June, according to the Office for National Statistics.

•The flat reading reflected a sharp 1.3% monthly decline in manufacturing output, which accounts for about 9% of the economy.

• Manufacturing output, which represents 9% of the economy, fell 1.3% in July  its sharpest monthly drop in a year  driven by declines in computers, electronics, and pharmaceuticals.

• Meanwhile, separate data showed the UK goods trade deficit widened to £22.244 billion ($30.2 billion) in July, the largest since January 2022, compared with £22.156 billion in June.

. • At GMT 11:46, the pound was down  0.18% to 1.3549 against the dollar.

•   Immediate resistance is located at 1.3588(Higher BB), any close above will push the pair towards 1.3646(38.2%fib)

•  Strong support is seen at 1.3493 (50%fib) and break below could take the pair towards 1.3400(Lower BB).

  Recommendation: Good to buy around 1.3530  with stop loss of 1.3430 and target price of 1.3620