GBP/USD Upside Clouded! How To Trade Today’s Data?| KOL Analysis•Olimpiu Tuns

GBP/USD has lost its chance to confirm a further increase in the short term, yesterdays false breakout has signaled that the Pound could lose control again versus the USD. The dollar is struggling to strike back, the USDX has registered another false breakdown below the 96.43 static support, but a rebound is far from being confirmed.

GBP/USD has changed little today, maybe the traders are waiting for the UKs data to bring life on this pair. The GDP is expected to increase by 5.5% after the 20.4% drop in the former reading period.

Industrial Production could increase by 6.2% in May, versus a 20.3% decrease in April, the Manufacturing Production is expected to come back in the positive territory as well, the economic indicator could register a 7.5% growth. The Construction Output, Goods Trade Balance, and the Index of Services will be released as well, better than expected figures could boost the Pound, while some poor data could push GBP/USD down in the short term.

On the other hand, the USD needs strong support to be able to give birth to another leg higher versus its rivals. The US is to release the CPI and the Core CPI later today, only some positive numbers could save the dollar from the downside.

● GBP/USD False Breakout!

GBP/USD is traded at 1.2553 level after the failure to close and stabilize above the 1.2647 and above the upper median line (uml) of the minor descending pitchfork. Ive said yesterday that the pair could drop again in the short term if it will register only a false breakout above the 1.2647 static resistance.

Yesterdays candle, bearish candle, has invalidated the breakout, so GBP/USD is under some pressure in the short term as long as it stays below the upper median line (uml). Still, the bias is bullish as long as the pair is traded above the 50% retracement level, above the PP (1.2488) level, and most importantly above the 50% Fibonacci line (ascending dotted line) of the major black ascending pitchfork.

A further upside movement will be signaled by a valid breakout from the minor descending pitchforks body, above the upper median line (uml), a potential valid breakout above the 1.2647 will bring a long opportunity with the target at the median line (ML) of the major ascending pitchfork.

On the other hand, a reversal, a larger drop could be confirmed only by a valid breakdown below the 50% Fibonacci line, if the rate will escape from the up-channel between the ML and the 50% line.

● Double Top On H4 Chart

GBP/USD has developed a double top pattern on the H4 chart, the new lower low could send the rate down towards the PP (1.2487) level. A significant drop, sharp decrease, could be activated by an upper median line (uml) retest, or by another false breakout above this dynamic resistance.

If you want to go long, you should wait for a valid breakout above the 1.2647 level or for another bullish signal that will develop when the current drop will be ended. The critical support stands at the 50% Fibonacci line of the major ascending pitchfork.

The pair will be driven by the UK and the US figures today, so you should keep an eye on the economic calendar. Some great US inflation data will boost the USD, which it could edge higher versus its rivals.

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