GBP/USD – Re-test of post Brexit low likely

FX:GBPUSD   British Pound / U.S. Dollar
  • Strong US data today only widens the growing divergence between the Fed and the BOE, thus the GBP/USD             pair is more likely to breach 1.40 handle and re-test post Brexit low of 1.2789.
  • On charts, we have had a bearish symmetrical triangle breakout and a daily closing today below 1.3056 (July 16 low) would add credence to the bearish fundamental story.
  • On the higher side, only a day end closing above 1.3363 would indicate bearish invalidation.
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