“¢ Brexit white paper triggers the initial leg of rebound from an ascending trend-channel support. “¢ USD witness some selling on softer US CPI print and provides an additional boost. The GBP/USD pair reversed an early dip to an intraday low level of 1.3180, or over one-week lows, and spiked to fresh session tops post-US CPI, albeit lacked any strong follow-through. The pair managed to find some buying interest near a support marked by short-term ascending trend-channel formation on the 1-hourly chart. The release of updated Brexit white paper triggered the initial leg of rebound and was further supported by a modest US Dollar retracement. The USD struggled to build on its positive momentum and was being capped by softer US inflation figures, coming in to show 0.1% m/m rise in June as against 0.2% expected. However, mostly in-line core CPI/yearly figures and upbeat weekly initial jobless claims data helped limit a sharp downfall and eventually kept a lid on any meaningful up-move for the major. Technical Analysis Currently hovering around 200-hour SMA, the hourly chart set up points to further upside and short-term technical indicators also support prospects for additional gains. However, a decisive break below the trend-channel support might negate the positive outlook and turn the pair vulnerable to extend this week’s rejection slide from 50-day SMA. Spot rate: 1.3192 Daily High: 1.3226 Daily Low: 1.3180 Trend: Bearish below trend-channel support Resistance R1: 1.3256 (100-period SMA H1) R2: 1.3317 (R2 daily pivot-point) R3: 1.3335 (50-day SMA) Support S1: 1.3180 (descending trend-channel) S2: 1.3144 (S2 daily pivot-point) S3: 1.3095 (July 2 swing low) 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 GBP/USD Technical Analysis: Cable facing resistance at 1.3250 post-US CPI FX Street 5 years "¢ Brexit white paper triggers the initial leg of rebound from an ascending trend-channel support. "¢ USD witness some selling on softer US CPI print and provides an additional boost. The GBP/USD pair reversed an early dip to an intraday low level of 1.3180, or over one-week lows, and spiked to fresh session tops post-US CPI, albeit lacked any strong follow-through. The pair managed to find some buying interest near a support marked by short-term ascending trend-channel formation on the 1-hourly chart. The release of updated Brexit white paper triggered the initial leg of rebound and… 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.
