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Technical Outlook: GBPUSD At The Back Foot Ahead Of UK CPI Data

Cable remains in red on Tuesday, following previous day’s bearish close and pressuring Friday’s low at 1.2939 (reinforced by 55SMA).

The pair is awaiting UK inflation data for fresh signal (forecast for July is 2.7% vs 2.6% in June) and release at/above forecasted level would be supportive for renewed attempts towards key points: psychological 1.3000 barrier and 1.3031 (near-term congestion top / falling 10SMA).

Conversely, release below 2.7% would add pressure on sterling for final break below near-term congestion and risk extension towards 1.2857/48 (100SMA / Fibo 61.8% of 1.2588/1.3268 rally).

Res: 1.2970, 1.3000, 1.3031, 1.3054
Sup: 1.2930, 1.2900, 1.2857, 1.2848

Windsor Brokers Ltd
Windsor Brokers Ltdhttp://www.windsorbrokers.com/
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