Cable trades weaker, market awaits UK CPI for further direction

FX:GBPUSD   British Pound / U.S. Dollar
410 2
Cable has made a high of 1.56873 and started declining from that level. Overall trend is still weak as long 1.5700 holds.
Bearish invalidation only above 1.5700.

It is currently trading at 1.55780 and further direction depends on UK CPI             data which is to be released today .

UK headline CPI             is expected to be unchanged at 0.0% yoy in July while core CPI             is expected to be unchanged at 0.8% yoy.

Technically cable is facing minor resistance around 1.5630 and any break above would extend gains till 1.5655/1.5690.

On the downside minor support is around 1.5530 and break below targets 1.5480/1.5450.

It is good to sell on rallies around 1.5635-40 with SL around 1.5700 for the TP of 1.5530/1.5465

I don't why people speculate on GU.. it clearly needs to do a breakout from the "Squeeze" described by J. Bollinger. It's been here for around 28 days now.
JamesDixonTobots JamesDixonTobots
And i don't know why that chart came up, lol try again.. https://www.tradingview.com/chart/dAiFlbN2/
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