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FxWirePro: GBP/USD neutral in the near-term, scope for downward resumption

• GBP/USD traded in a narrow range on Friday as  U.S. inflation data helped offset ongoing UK political uncertainty.

• Inflation readings in the U.S. eased expectations of further Federal Reserve rate hikes and limited dollar strength.

•  As a result, the pair remained range-bound, with neither side able to establish clear directional momentum amid mixed macro and political signals..

 • A softer U.S. dollar is offering temporary support to GBP/USD, helping the pair stabilise in the near term, but risks remain elevated from geopolitical developments around the Strait of Hormuz.

•   Immediate resistance is located at 1.3237(Daily high) , any close above will push the pair towards 1.3339(50%fib)

•  Strong support is seen at 1.3142(23.6%fib) and break below could take the pair towards 1.3080(Lower BB).

  Recommendation: Good to sell  around 1.3230, with stop loss of 1.3300 and target price of 1.3120

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