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FxWirePro: GBP/USD dips as dollar firms ahead of key US economic data

• GBP/USD dipped on Tuesday   as dollar  firmed ahead of economic data that could offer clues on the Federal Reserve's interest-rate path

• Market attention is turning to the August PCE index due Wednesday, followed by September’s nonfarm payrolls report on Friday, for signals on the Fed’s rate path..

• Markets now see a near 70% chance of a rate hike by the Federal Reserve at the end of October.

• Meanwhile, Bank of England policymaker Alan Taylor said on Tuesday that the central bank’s annual survey of firms’ 2027 wage expectations, due in January, would be a key factor in his assessment of whether interest rates should be raised.

•   Immediate resistance is located at 1.3290(38.2%fib), any close above will push the pair towards 1.3349(Sep 24th high)

•  Strong support is seen at 1.3204(Daily low) and break below could take the pair towards 1.3157(23.6%fib).

  Recommendation: Good to sell  around 1.3230, with stop loss of 1.3300 and target price of 1.3170

 

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