During yesterday’s trading the GBP/USD pair continued
its momentum down and formed a bottom at $1.2865. Today is expected higher
volatility on the pair as later on the day will be released July’s CPI data. In
the early trading hours no significant change was marked and the pair is
hovering around $1.2900 area.
The bias remains bearish for re-testing $1.2790. First resistance remains
around $1.2950. A clear break above it could take price to neutral trading zone
testing 1.3000 or higher, but we would better remain in the camp of bears in
this phase. On the downside, a clear break and daily close below 1.2790 could
lead to further bearish pressure for testing $ 1.2700 - $1.2650.
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