FxWirePro: GBP/USD pulls back after initial gains as dollar firms on global developments

• GBP/USD initially rose but lost ground as the dollar strengthened, with traders focusing on Ukraine ceasefire talks and U.S. President Trump's latest tariff threats.

• Trump's administration said Tuesday it agreed to more talks with Russia on ending the Ukraine war, marking a shift from its previous stance of isolating Putin..

• On Tuesday, Trump announced plans to impose 25% auto tariffs and similar duties on semiconductors and pharmaceuticals, further escalating tensions in international trade.

• On the data front, UK inflation surged to a 10-month high of 3.0% in January, likely to rise further, challenging the Bank of England's confidence in easing price pressures.

• Immediate resistance is located at 1.2633(38.2%fib), any close above will push the pair towards 1.2679(Higher BB).

•  Support is seen at 1.2552(50%fib) and break below could take the pair towards 1.2468(61.8%fib).

Recommendation: Good to sell around 1.2600 with stop loss of 1.2670 and target price of 1.2520