FxWirePro: GBP/USD edges higher but bearish outlook persists

• GBP/USD inched higher on Thursday as investors digested the prior day’s inflation figures and positioned ahead of Britain’s closely watched upcoming budget.

•Figures published Wednesday showed UK inflation falling to 3.6% in October from the 18-month high of 3.8% seen in September, aligning with BoE and market expectations.

• Britain’s annual autumn budget, set for release on November 26, is one of the year’s most closely watched events for investors.

•British finance minister Rachel Reeves is expected to secure tens of billions of pounds in extra revenue to keep her fiscal goals on course in the upcoming budget.

• Friday's UK retail sales figures will also be on investors' radar to gauge the nation's economic health, after this week's data showed inflation easing for the first time in five months.

•   Immediate resistance is located at 1.3129(38.2%fib), any close above will push the pair towards 1.3158(SMA 20)

•  Strong support is seen at 1.3012 (23.6%fib) and break below could take the pair towards 1.2966(Lower BB).

  Recommendation: Good to sell around 1.3100 , with stop loss of 1.3200 and target price of 1.2950