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   “¢   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

S1: 1.2935 (horizontal zone)
S2: 1.2902 (S3 daily pivot-point)
S3: 1.2842 (S3 weekly pivot-point)

R1: 1.3000 (psychological round figure mark)
R2: 1.3050 (previous YTD lows set on June 28)
R3: 1.3083 (current day swing high)