GBP/USD Outlook (16 July 2020)

Overall, GBP/USD is ranging across. Recently, GBP/USD bounced off the resistance zone of 1.26500.

The UK CPI y/y data released yesterday indicated a slight increase in the UK’s yearly inflation.

• CPI y/y (Actual: 0.6%, Forecast: 0.4%, Previous: 0.5%)
  
• Core CPI y/y (Actual: 1.4%, Forecast: 1.2%, Previous: 1.2%)
  

The UK employment data will be released later at 1400 (SGT).

• Claimant Count Change (Forecast: 250.0K, Previous: 528.9K)
  
• Average Earnings Index 3m/y (Forecast: -0.4%, Previous: 1.0%)
  
• Unemployment Rate (Forecast: 4.2%, Previous: 3.9%)
  GBP/USD’s next support zone is at 1.25000 and the next resistance zone is at 1.26500.
  Look for short-term selling opportunities of GBP/USD.