FxWirePro: GBP/USD edges lower, set to stay on back foot

• GBP/USD dipped on Monday as greenback  recovered as investors hoped the U.S. would temper its latest escalation of the trade war with China.

•  On Friday, Trump announced 100% tariffs on U.S.-bound Chinese goods from Nov. 1 over China’s rare mineral limits, then softened his stance over the weekend, saying the U.S. does not wish to “hurt” China.

• Investors will monitor UK economic data this week, with August jobs on Tuesday and a series of activity reports, including GDP and trade, due Thursday.

•Bank of England policymaker Megan Greene said on Monday that the recent rise in UK inflation could prove persistent, expressing concern that the broader disinflationary trend may be slowing.

• BoE Governor Andrew Bailey is scheduled to speak in Washington on Tuesday amid a series of central bank engagements.

•   Immediate resistance is located at 1.3384( 61.8%fib), any close above will push the pair towards 1.3456(SMA 20)

•  Strong support is seen at 1.3317 (50%fib) and break below could take the pair towards 1.3244(38.2%fib).

  Recommendation: Good to sell around 1.3340, with stop loss of 1.3400 and target price of 1.3280