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GBP/USD: upside remains capped

GBP/USD slipped to $1.5340 following another failed attempt to break above the $1.5400 resistance (61.8% Fibo). Cable holds below the bottom of the daily Ichimoku Cloud. One may see that today the pair moved below the July supportive trend line. 

$1.5400 remains a key level for now. A decisive break above here could open the way to $1.5530 (76.4% Fibonacci, 2012-2013 resistance line). This level is widely expected to cap the upside. Support lies at $1.5300 and $1.5280. 

On Thursday the market will be closely watching the UK preliminary Q2 GDP (forecast: +0.6%, previous: +0.3%). 

Chart. H4 GBP/USD

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