- GBP/USD refreshes the multi-month high following its sustained rise from 1.3206.
- Overbought RSI, the key upside barrier challenge the pair’s further rise.
- Sellers may look for entries below the early-month top under 1.3200.
- UK CPI may slip to -0.1% MoM versus +0.1% prior during July.
GBP/USD picks up the bids near 1.3255, up 0.12% on a day, during the early Wednesday. In doing so, the Cable seesaws near the highest since January’s peak surrounding 1.3270.
While sustained trading beyond 1.3200 favors the bulls, overbought RSI and nearness to the area comprising December 13 low and 31’s peak, around 1.3285-3305, challenge the pair’s further upside.
In a case, the quote crosses 1.3305 on a daily basis, its run-up to the year 2019 top surrounding 1.3515 can’t be ruled out.
Alternatively, sellers await a downside break below August 06 top of 1.3185 to take fresh entries while targeting the 1.3000 threshold and the monthly low around 1.2980.
It’s worth mentioning that the pair’s declines past-1.2980 will aim for an ascending trend line from June 30, at 1.2928 now.
GBP/USD daily chart
Trend: Pullback expected
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