GBP/USD Technical Analysis: Cable facing resistance at 1.3250 post-US CPI

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  • GBP/USD got a 40-pip knee-jerk reaction to the upside after the release of the US Consumer Price Index (CPI) which came in line with analyst expectations at 2.3% in June. 
  • GBP/USD is facing some resistance at 1.3250 and at the 200-period simple moving average as the bulls are trying to create a bull breakout in order to reclaim the 1.3300 figure. 
  • GBP/USD is currently retracing to the downside the US CPI news boost as the USD Dollar is slowly regaining strength. Bears need a breakout below 1.3200 while bulls need a breakout above 1.3300 in order to further confirm the directionality of the pair.

GBP/USD 15-minute chart 

Spot rate:               1.3223
Relative change:    0.12%     
High:                      1.3246
Low:                       1.3180

Trend:                    Neutral to bearish

Resistance 1:        1.3250 June 4 high
Resistance 2:        1.3300 figure
Resistance 3:        1.3363 weekly high
Resistance 4:        1.3400 figure
Resistance 5:        1.3472 June’s high

Support 1:             1.3200 figure
Support 2:             1.3155 former breakout point
Support 3:             1.3100 figure
Support 4:             1.3049 current 2018 low
Support 5:             1.3027 October 6, 2017 swing low

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