GBP – The pound fell below technical support and maintained a weak trend

The trend of GBP against the U.S. dollar, as shown in the technical chart, the exchange rate just fell below the upward trend line extending from April and the 25-day moving average on Tuesday, which is likely to reflect that the pound may have to carry out technical adjustments. Calculated by the golden ratio, the retracement of 23.6% and 38.2% will be 1.3415 and 1.3275, and the expansion to 50% and 61.8% will be at 1.3170 and 1.3060 levels. Of course, the 1.30 will still be an important basis in the future. The resistance level will firstly look back at 1.35; last week's high of 1.3632 will still be an important reference, and the next level is estimated to be at 1.37 and 1.3750 levels.

Forecast range:
Resistance 1.3500 - 1.3632 - 1.3700 - 1.3750 - 1.3800
Support 1.3415 - 1.3275 - 1.3170 - 1.3060 - 1.3000*

Focus:
Tuesday:
UK June CBI Total Industrial Order Balance (18:00)

Thursday:
UK June CBI Retail Sales Balance (18:00)

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