A sharp impulse leg carried GBPUSD to 1.3558 on the GBP short squeeze (fiscal-discipline hopes and hawkish BoE pricing), and price is now retracing, parked around the 38.2% fib near 1.3475. Higher-low structure off the 1.3342 base remains intact and price still sits above both EMA20 and EMA50, but RSI has cooled from overbought as the rally stalls below the 1.3558 high.
Support: 1.34651, 1.3450
Resistance: 1.35579, 1.35335
What it said to watch
H4 close below 1.34651 breaks the higher-low sequence toward 1.3450 strong support
Reclaim above 1.35335 prior high reopens the 1.3558 recent high
UK labour data Jul 21 could materially shift this read
GBPUSD gapped higher through 1.3428 into a violent short-squeeze candle to 1.3558, driven by fiscal-discipline hopes and hawkish BoE pricing, before rejecting there and unwinding toward 1.3474. Structure remains a series of higher highs and higher lows, but the last two bars show the squeeze fatiguing as price fades back into the 1.3480 pivot. EMA20 and EMA50 still sit below price, keeping the swing trend intact while momentum resets from overbought.
Support: 1.3480, 1.3460, 1.3450
Resistance: 1.3558, 1.3542
What it said to watch
H4 close below 1.3480 pivot opens the path to 1.3450 strong support
Reclaim of 1.3558 swing high would resume the impulse
UK labour market data Jul 21 06:00 UTC could materially shift this read
Higher highs into 1.3560, first pullback underway.
GBPUSD extended a violent short-squeeze rally, breaking the 1.34 consolidation and spiking to a 1.3560 swing high on fiscal-discipline hopes and hawkish BoE pricing. The last two bars have rolled back to the 1.3480 pivot, unwinding overbought conditions after the impulse. Structure stays constructive above the 1.3405 breakout zone, with EMA20 and EMA50 both below price.
Support: 1.3480, 1.3450, 1.3405
Resistance: 1.3560, 1.3590
What it said to watch
H4 close below 1.3450 strong support opens a deeper pullback toward the 1.3405 breakout zone
Reclaim of the 1.3560 swing high would re-open the 1.3590 trigger
UK labour data Mon Jul 21 06:00 UTC could materially shift this read
GBPUSD extended a violent short-squeeze rally through the 1.348 breakout, tagging 1.3558 before fading back toward the 1.3480 pivot — the move was fuelled by fiscal-discipline hopes and soft US inflation prints. Higher-low structure since the early-month base remains intact and price holds above both EMAs, but the last two bars rejected the highs and momentum is stretched. A hold of 1.3480 keeps the trend structure clean; loss of it exposes 1.3450 strong support.
Support: 1.3480, 1.3450, 1.3395
Resistance: 1.3558, 1.3590
What it said to watch
H4 close below 1.3480 pivot opens the path to 1.3450 strong support
H4 close above 1.3558 swing high opens 1.3590 trigger
UK labour data Mon Jul 21 06:00 UTC could materially shift this read
13:02 UTC
Uptrend, extended after breakout · RSI 65 · price 1.35073
Higher highs and higher lows, above prior range.
Cable ripped through the 1.3350-1.3430 range on a >1% single-session move driven by USD weakness after the soft US PPI print, tagging a two-month high at 1.3558 before easing back to 1.3507. Structure is a clean uptrend with rising higher-lows and price holding well above EMA20 and EMA50. The pace of the advance leaves RSI stretched, and the current bar is a modest pullback off the highs.
Support: 1.3450, 1.3428, 1.3400
Resistance: 1.35579, 1.3590
What it said to watch
Failure to hold 1.3450 prior-range top would flag the breakout as losing traction
A close above 1.3558 session high opens the path toward the 1.3590 uob target
UK labour data Tue 21 Jul could materially reprice this move
Higher highs and higher lows, post-breakout pullback.
Cable is in a clean multi-week uptrend, printing higher highs and higher lows off the mid-June 1.3141 base. The impulsive H4 breakout above the 1.34 area — driven by broad USD weakness after the soft US PPI — carried price to a two-month high at 1.3558 before easing back to 1.3507. ATR(14) has expanded sharply through the breakout, and price sits well above both EMA20 and EMA50, though RSI near 69 flags a stretched move.
Support: 1.3450, 1.3428, 1.3400
Resistance: 1.3558, 1.3590
What it said to watch
A close above 1.3558 opens the path toward 1.3590
Failure to hold 1.3450 would break the post-breakout higher-low structure toward 1.3400
UK labour data Tue 21 Jul could materially shift this read
Higher highs / higher lows, fresh breakout to range highs.
Cable extended a clean higher-low sequence and accelerated on the 1.34217→1.35281 breakout bar, riding broad USD weakness after soft US CPI/PPI prints. Price is now consolidating just under the 1.3558 session high with EMA20 and EMA50 stacked below. RSI in overbought territory signals a stretched move rather than a reversal, with 1.3500 psych and the 1.3428 breakout level as the reference floors.
Support: 1.3500, 1.3428, 1.3400
Resistance: 1.3558, 1.3637
What it said to watch
US Retail Sales at 12:30 UTC today could materially shift this read
Loss of the 1.3500 psych level would put the 1.3428 breakout zone back in play
A close above 1.3558 session high opens the path toward 1.3637 prior high
UK labour data Jul 21 is the next domestic catalyst for the trend
Higher highs and higher lows, breakout stalling sub-1.3550.
Cable accelerated through 1.3450 into a fresh 1.3558 high after back-to-back soft US CPI and PPI prints drained USD support. Structure is a clean higher-high/higher-low sequence with price parked above both the EMA20 and EMA50, but the rally is stalling just under 1.3550 with RSI stretched into overbought. Much of the hawkish-BoE and soft-USD story now looks priced.
Support: 1.3450, 1.3400
Resistance: 1.3558, 1.3637
What it said to watch
H4 close above 1.3558 opens the path toward 1.3637 resistance
Failure to hold the 1.3450 breakout risks a slip back toward the 1.3400 handle
UK labour data Jul 21 and US Retail Sales today could materially shift this read
05:02 UTC
Uptrend, extended after breakout · RSI 74 · price 1.35329
Higher highs and higher lows, cleared 1.3400 cap.
Cable finally cleared the 200-day/1.3400 barrier that had capped every recovery for two weeks, spiking to 1.3558 as back-to-back soft US CPI and PPI misses weighed on the dollar. Structure is a clean uptrend with the latest impulse extending well above EMA20 and EMA50, but RSI is stretched into overbought territory. The 1.3500 round number now flips to first support on any pullback.
Support: 1.3500, 1.3400, 1.3428
Resistance: 1.3558, 1.3600
What it said to watch
UK GDP at 06:00 UTC (f/c +0.1%) could materially shift this read
H4 close back below 1.3400 would negate the breakout and signal a false break
Cable broke cleanly above the 200-day/1.3400 barrier that had capped every recovery for two weeks, helped by soft US CPI and PPI misses and hawkish-BoE repricing. Higher-high structure remains intact since the early-month low near 1.3140, with ATR(14) expanding as the impulse runs into 1.3558. RSI is stretched into overbought territory after the vertical move off 1.3400.
Support: 1.3400, 1.3428
Resistance: 1.3558, 1.3500
What it said to watch
US Retail Sales at 12:30 UTC today could materially shift this read
Failure to hold 1.3400 on a retest negates the breakout
Close back below 1.3428 signals the impulse is stalling
Cable broke clean above the 200-day near 1.3400 that had capped every rally for two weeks, printing an impulsive leg to 1.3558 as the dollar softened on the run of soft US CPI/PPI. Higher-low structure has held since the early-month base at 1.3140, and ATR(14) is expanding with EMA20 above EMA50. The 1.3400 area now flips to a retest reference beneath price.
Support: 1.3400
Resistance: 1.3558, 1.3600
What it said to watch
UK GDP at 06:00 UTC Thu could materially shift this read
US Retail Sales at 12:30 UTC feeds the USD leg of this move
Loss of 1.3400 on a close would re-open the prior range and negate the breakout
Failure to clear 1.3558 keeps the advance capped short of 1.3600
Cable broke cleanly above the 200-day near 1.3400 that had capped every recovery for two weeks, surging to 1.3558 on hawkish-BoE bets and a softer USD after the CPI/PPI misses. Higher-high, higher-low structure is firmly intact and ATR(14) is expanding as the trend extends. Price is stretched above both EMAs with RSI in overbought territory.
Support: 1.3400, 1.3428
Resistance: 1.3558
What it said to watch
UK GDP at 06:00 UTC could materially shift this read
Loss of the 1.3400 200-day would negate the breakout
Failure to reclaim 1.3558 leaves rally momentum stalling