FxWirePro: GBP/USD pulls back as dollar strengthens broadly

• GBP/USD initially gained but early gains fizzled as dollar firmed ahead of crucial UK and US data.

• Investors will closely watch gross domestic product figures due Wednesday before this month's Bank of England meeting.

•On the data front, British pay growth slowed to a more than two-year low in the three months to July, while employment surged.

• The Office for National Statistics reported that British average weekly earnings, excluding bonuses, were 5.1% higher in the three months ending in July compared to the previous year.

•  U.S. inflation data set for release on Wednesday could shape expectations for the pace of anticipated rate cuts by the Federal Reserve.

•   Immediate resistance is located at 1.3126( 38.2%fib), any close above will push the pair towards 1.3182(Sep 5th high)

•  Strong support is seen at 1.3041(50%fib) and break below could take the pair towards 1.3000(Psychological level).

  Recommendation: Good to sell around 1.3180 , with stop loss of 1.3240 and target price of 1.2920