GBP/USD: daily update
Cable tried to push higher in the Aisan session, but was once again capped by the $1.5390 resistance (61.8% Fibo, daily Ichimoku). Later on GBP/USD dropped as the market was overinspired by optimistic UK GDP predictions. The Q2 reading improved and came in line with forecasts at +0.6% q/q.
As can be seen from the H4 chart, cable is now testing the strong support at $1.5280 (50% Fibo from the June-July rally, 100-day MA). One may see that the pair has recently broken the rising wedge pattern on a downside, what is a bearish sign. The next important support is seen at $1.5220, $1.5200 and $1.5170 (38.2% Fibo, H4 Ichimoku), while resistance - at $1.5475 and $1.5530.
Chart. H4 GBP/USD