FxWirePro: GBP/USD slides amid rising UK debt concerns

• GBP/USD  slipped sharply lower on Tuesday as sterling attracted sellers as investor as spotlight falls on UK finances.

• UK Finance Minister Rachel Reeves is expected to raise taxes in the autumn budget to stay on track with fiscal targets, a move that could complicate efforts to accelerate economic growth.

•UK borrowing costs are the highest among G7 nations, pushed up in recent years by stubborn inflation and mounting public debt.

•Delays in spending cuts, including welfare reforms, have fueled concerns over how Reeves will balance repairing public finances with her push to boost growth.

•   In the UK, the calendar is quiet with retail sales as the key release, while BoE officials Catherine Mann and Sarah Breeden will speak on Wednesday

• At (GMT 08:56) Sterling  was trading at down  0.96 % at 1.3414 against the U.S. dollar. 

•   Immediate resistance is located at 1.3480 (SMA 20), any close above will push the pair towards 1.3551(38.2%fib)

•  Strong support is seen at 1.3393(38.2%fib) and break below could take the pair towards 1.3344(SMA 20).

  Recommendation: Good to sell  around 1.3430 with stop loss of 1.3500 and target price of 1.3350