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.