GBP/USD

Updated: 21 hours ago
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The British Pound bullish sentiment eased over the Thursday after Bank of England Deputy Governor Ben Broadbent hinting ‘goods’ prices will be more likely to be pulling down than pushing up inflation in two years.

Meanwhile, on the data front, we get an update of the July GFK Consumer Confidence, June Retail Sales and the preliminary estimates of Markit PMIs.

From the technical assessment, the potential bull-run failed to eventuate with 1.3770-90, at present, limiting any renewed advancement.

Viewing the technical aspect, the Relative Strength Index (RSI) 3-daily ‘lookback’ indicator has buckled above the 50-midway point, while the Moving Average Convergence Divergence (MACD) holds a neutral bias.

Although further confirmation awaits for the bullish case, eyes will hold to the RSI indicator in the event it strengthens. Therefore, puts the upside trajectory to 1.3865.

Levels 1st 2nd 3rd
Resistance 1.3770-90 1.3865 1.3915
Support 1.3690 minor 1.3635-45 1.3560-65