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

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.

Flavio Tosti Independent Analyst

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

Author

Flavio Tosti

Independent Analyst

EUR/USD turns negative near 1.1850

EUR/USD has given up its earlier intraday gains on Thursday and is now struggling to hold above the 1.1850 area. The US Dollar is finding renewed support from a pick-up in risk aversion, while fresh market chatter suggesting Russia could be considering a return to the US Dollar system is also lending the Greenback an extra boost.

GBP/USD change course, nears 1.3600

GBP/USD gives away its daily gains and recedes toward the low-1.3600s on Thursday. Indeed, Cable now struggles to regain some upside traction on the back of the sudden bout of buying interest in the Greenback. In the meantime, investors continue to assess a string of underwhelming UK data releases released earlier in the day.