GBP/USD Technical Analysis: Cable back below 1.3400 ahead of UK inflation and FOMC on Wednesday

• GBP/USD stuck to the theme of the last four days as Tuesday was another trading range day. The last news-driven leg up that sent Cable above 1.3400 has already been mostly retraced.  
• The only thing that is keeping GBP/USD afloat are the 50 and 100-period simple moving average (4-hour) just below current spot rate.
• This Wednesday will see UK inflation data at 8:30 GMT  and FOMC at 18:00 GMT. Investors should expect high volatility.  

GBP/USD 15-minute chart

Spot rate:               1.3376
Relative change:    0.00%      
High:                      1.3425
Low:                       1.3342

Trend:                    Bearish below 1.3500

Resistance 1:        1.3425 current Tuesday’s low
Resistance 2:        1.3590 daily 200-period simple moving average
Resistance 2:        1.3700 figure

Support 1:             1.3344, daily 10-period SMA
Support 2:             1.3300 figure
Support 3:             1.3254 June 1 swing low