GBP/USD analysis: waiting for UK inflation figures
|GBP/USD Current price: 1.3059
The GBP/USD pair gave back some of its Friday's gains, but closed anyway well above the 1.3000 level. There were no relevant macroeconomic releases in the UK, but things will get more interesting in that front this Wednesday, with the release of inflation at consumer and factory levels for June. Additionally, BOE's Governor Mark Carney is due to unveil the new £10 note featuring Jane Austen, in Hampshire, and while he will probably offer a speech, seems unlikely he will discuss monetary policies in such event. From a technical point of view, the intraday decline remains as corrective, as price remains above the 23.6% retracement of its latest bullish run from 1.2811 to 1.3113 at 1.3040, the immediate support and the level to break to confirm further declines during the upcoming sessions. In the 4 hours chart, technical indicators have corrected extreme overbought conditions, heading modestly lower within positive territory, whilst the 20 SMA maintains its bullish slope below the current level, converging with the 38.2% retracement of the mentioned rally at 1.2295, a probable bearish target in the case of further Pound's weakness.
Support levels: 1.3050 1.3010 1.2965
Resistance levels: 1.3120 1.3160 1.3200
View Live Chart for the GBP/USD
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.