FxWirePro: GBP/USD inches up, Bailey speech and US CPI in focus

• GBP/USD edged higher on Tuesday  as investors looked ahead to key U.S. inflation data and a speech by Bank of England Governor Andrew Bailey later in the day.

• Investors are closely watching U.S. consumer inflation data due later on Tuesday, as it is expected to play a pivotal role in shaping expectations for the Federal Reserve’s next policy moves in the coming meetings.

• Investors are also eyeing Wednesday’s UK CPI report, which is forecast to show another uptick in inflation, adding to concerns over persistent price pressures.

• BoE Governor Andrew Bailey and Finance Minister Rachel Reeves will deliver the annual “Mansion House” address to London’s financial sector  later on Tuesday.

•   Immediate resistance is located at 1.3521(38.2%fib), any close above will push the pair towards 1.3582(20 SMA)

•  Strong support is seen at 1.3374(Lower BB) and break below could take the pair towards 1.3317(50%fib).

  Recommendation: Good to sell around 1.3480 with stop loss of 1.3560 and target price of 1.3400