The British Pound was mostly weaker against the rest of the majors with the exclusion of the Yen as market players look for every excuse to argue an August rate cut and more. Though largely seen as second liner data the Confederation of British Industries Realized Sales figure came out sharply lower, contracting instead of a largely flat expectation to read -23. This adds to the argument of the Bank of England outpacing the US Fed with rate cuts to shore up the domestic economy.
Resistance
- 1.27024 – Week’s High
- 1.26687 – Intraday Consolidation Low
- 1.26405 – 50D Moving Average
Support
- 1.25904 – Intraday Consolidation Resistance
- 1.25686 – Intraday Consolidation Resistance
- 1.25420 – Intraday Consolidation Resistance
Wednesday’s GBPUSD sell-off is almost a marubozu with a marginal wick and tail by the close. Note that we now find ourselves under the 50D Moving Average and with new lows for the month. Indicator wise we also have stochastic
