FxWirePro: GBP/USD consolidating around 1.3275, room for further gains

•  GBP/USD strengthened on Wednesday as   growing uncertainty around U.S. trade policy weighed on the dollar.

• Trump’s tariff moves have unsettled investors this month, raising fears that the blow to global growth could spark a recession.

• On the data front, UK inflation cooled in March to its lowest in three months  but, rising household bills and employer costs may soon revive price pressures amid Trump’s ongoing trade war.

• UK inflation eased to 2.6% in March from 2.8% in February, coming in below the BoE’s 2.7% forecast
 
• Traders expect the BoE to cut rates three times in 2024, lowering them to 3.60% by year-end, a level last seen in January 2023

• At GMT 08:46, the British pound    last up 0.3% on the day at $1.3270  , close it its highest in six months against the dollar.

• Immediate resistance is located at 1.3294 (23.6%fib), any close above will push the pair towards 1.3320(Higher BB).

• Strong support is seen at 1.3217 (Daily low) and break below could take the pair towards 1.3094(38.2% fib).

Recommendation: Good to buy  around 1.3250, with stop loss of 1.3180 and target price of 1.3350