Sforex
Short

Cable: We're all wrong.Back to the downtrend

FX:GBPUSD   British Pound/U.S. Dollar
302 0 2
Cable/USD lost more than 150 pips today. The main cause according to me is come from the UK inflation expectations in YouGov poll down 0.2% to 1.4% from 1.6%

When GBPUSD             broke 1.5700 key resistance level, we could say that the uptrend was favored and we should stay LONG; however, everything change rapidly, Cable quickly loss momemtum and back to the downtrend.

1.5700 is not a stable support level.

Look at on the chart, GBPUSD             has moved below Kumo cloud and it seems break the ascending trend line I draw on the chart.

Two days, Cable lost 320 pips: the falling is too fast, two weeks ago, Cable trade in a tight range : 120 pips, and most of us think that the volatility of Cable was very low.

Tomorrow, the main focus is US GDP (Q2).

I expect the data will be positive like US Consumer and Durable Good Orders this week, and this continues weighting on Cable drive to the support 1.5335
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