“¢ GBP continues to be weighed down by disappointing UK monthly retail sales figures. “¢ The already stronger USD gets an additional boost from upbeat US economic data. “¢ Technical studies suggest that the near-term bearish trajectory might still far from over. Bearish pressure surrounding the British Pound remains unabated, with the GBP/USD pair refreshing ten-month lows during the early North-American session. Today’s disappointing UK monthly retail sales data added to the disappointment from the latest UK consumer inflation figures and further forced investors to pare their bets over an imminent BoE rate hike move in August, which eventually weighed on the already weaker GBP. Meanwhile, the ongoing USD bullish run got an additional boost from today’s better-than-expected Philly Fed manufacturing index and the usual weekly initial jobless claims data. In fact, the key US Dollar Index jumped to its highest level since July 2017 further collaborated towards aggravating the bearish sentiment surrounding the major. Technical Analysis: The pair has now dropped an important support marked by a short-term descending trend-channel on the daily charts, which if broken would mark a fresh bearish breakdown and pave the way for an extension of the downward trajectory. With short-term technical indicators still far from being highly oversold, a follow-through weakness, led by some fresh technical selling, now looks a distinct possibility. Spot rate: 1.2968 Daily High: 1.3083 Trend: Bearish Support S1: 1.2935 (horizontal zone) S2: 1.2902 (S3 daily pivot-point) S3: 1.2842 (S3 weekly pivot-point) Resistance R1: 1.3000 (psychological round figure mark) R2: 1.3050 (previous YTD lows set on June 28) R3: 1.3083 (current day swing high) FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next EUR/USD quiebra 1.1600 y expone 1.1527/08 FX Street 5 years "¢ GBP continues to be weighed down by disappointing UK monthly retail sales figures. "¢ The already stronger USD gets an additional boost from upbeat US economic data. "¢ Technical studies suggest that the near-term bearish trajectory might still far from over. Bearish pressure surrounding the British Pound remains unabated, with the GBP/USD pair refreshing ten-month lows during the early North-American session. Today's disappointing UK monthly retail sales data added to the disappointment from the latest UK consumer inflation figures and further forced investors to pare their bets over an imminent BoE rate… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
