FxWirePro: GBP/USD downtrend loses steam, remains on bearish path

• GBP/USD edged higher on Wednesday as a pause in the U.S. dollar’s rally provided support to the pound.

• Investors remained focused on the U.S.-Israeli war with Iran and rising global energy prices, leaving UK markets largely unmoved by Finance Minister Rachel Reeves’ budget update on Tuesday..

• The sharp rise in oil and natural gas prices since late last week has driven investors to sell currencies of energy-importing economies, putting the euro, pound, and yen under pressure.

• Meanwhile, latest survey showed UK's services sector grew robustly last month, while job cuts and price pressures persisted, a potential worry for the Bank of England ahead of this month's interest rate decision.

• Immediate resistance is located at 1.3415(38.2%fib), any close above will push the pair towards 1.3456(March 2nd high)

• Support is seen at 1.3308(Daily low) and break below could take the pair towards 1.3248(23.6%fib).

Recommendation: Good to sell  around 1.3370 with stop loss of 1.3450   and target price of 1.3300