Cable maintains negative tone and attacks 1.20 support in early Thursday following short-lived recovery attempts.
Pound came under fresh pressure after higher than expected July inflation (10.1% vs 9.8% f/c; the highest since 1982) that suggests the BOE is likely to opt for another 0.5% rate hike to fight soaring prices. Continued strong policy tightening would negatively impact Britain’s economic growth that would prompt further selling of pound.
Daily technical studies show rising negative momentum and moving averages in bearish setup, with near-term action being pressured and capped by the base of falling and thickening daily Ichimoku cloud, although headwinds from key 1.20 support zone (Fibo 38.2% of 1.1760/1.2293/daily Kijun-sen at 1.2026 and psychological 1.20 support) persist and may keep the action in extended consolidation before bears resume.
Upticks should be capped by the cloud base (1.2097) to keep bears intact and offer better selling opportunities, while only sustained break above daily Tenkan-sen (1.2135) would put bears on hold.
Eventual clear break of 1.20 pivot would signal bearish continuation on completion of failure swing pattern on daily chart and expose targets at 1.1963 (Fibo 61.8%) and 1.1916/1.1890 (July 22/21 spike lows).
Res: 1.2059; 1.2097; 1.2135; 1.2167.
Sup: 1.2000; 1.1963; 1.1916; 1.1890.
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