• The pair GBPUSD looked weak as the trading session began on Wednesday.
• But, as soon as the UK inflation figures were announced (As discussed in the above news), the pair came under marginal bearish pressure and dropped below 1.2700.
• The prices made lows of 1.2655 and currently hovering near 1.2669, below fib level 0.382 (1.2678) – acting as immediate resistance.
*Projection:*
• *GBP might recover* against the dollar as inflation still looks higher in UK – and UK Central Bank (BoE) might decide to raise interest rates soon.
• Further weak US dollar might provide a supporting floor to the drowning GBPUSD pair.
• US Fed officials already announced rate cuts earlier in 2024.
• Further important UK GDP data on Friday this week will provide more clues about UK’s economy.
*Important Levels to watch:*
Resistance = 1.2678 (fib level 0.382) & 1.2719 (fib level 0.236)
Support = 1.2645 (fib level 0.50)
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