CABLE FALLS UNDER 1.2900 ON SOFT CPI DATA
The GBPUSD pair has fallen sharply after weaker than expected July inflation data from the United Kingdom. The GBPUSD pair has now moved to a four-week trading low, finding support from the 1.2860 region.
Going forward, the British pound remains vulnerable to further intraday losses against the U.S dollar, ahead of key retail sales data from the United States economy, which is largely expected to outperform analyst forecasts.
The GBPUSD pair remains bearish on all time frames, with moving average and MACD trading indicators pointing to further intraday losses.
Key technical support is found at the 1.2860 level, and the July 12th price low, at 1.2811. With the GBPUSD 200-day moving average, found at the 1.2663 level.
To the upside, short term resistance is found at the 1.2880 and 1.2917 level. The former GBPUSD weekly price low now acts as former support, now turned resistance, at 1.2939.