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GBP/USD – Sell on rise, unless 1.3056 is breached

FX:GBPUSD   British Pound / U.S. Dollar
Despite Cable’s recovery from the low of 1.2860 to 1.2913 the overall picture remains bearish as long as the resistance at 1.3056 (July 26 low) isn’t breached.

Failure at hourly chart resistance of 1.2955 followed by a drop below 1.29 levels would open doors for a re-test of 1.2789 (post Brexit low).

Focus on CPI             numbers

UK CPI             is expected to show cost of living as measured by consumer price index remained unchanged t annualized rate of 1.4% in July. Don’t be surprised if we have a higher print; courtesy of weak Sterling.

Traders will keep an eye on UK CPI             , however, trading decisions are more likely to be influenced by US CPI             number, which is see dropping slightly in July.
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