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GBP/USD: daily update

On Tuesday GBP/USD found some support, strengthening to session highs around $1.5480 on UK inflation figures. Britain’s CPI came in line with expectations at 2.8% in July (prior: 2.9%). The core reading came at 2.0%, missing the median at 2.2% and lower from June’s 2.3%.

Cable is trading lower this week after having peaked at $1.5575 on Thursday. As can be seen from the weekly chart, the pair holds below the 50-week MA (currently at $1.5512).

On Wednesday the market will be watching the BoE meeting minutes for more details around the UK ‘forward guidance’.

Resistance: $1.5500/10, $1.5530, $1.5575, $1.5600

Support: $1.5430, $1.5400/5390, $1.5300

Chart. H4 GBP/USD

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