GBP – The British pound is weakening technically, and the decline is expected to continue

As seen on the GBP/USD chart, the exchange rate is still constrained by its 50-day moving average, having briefly broken below it last week. Currently, the 50-day moving average is at 1.3530. A break above this level is needed to show signs of easing this month's decline. The major resistance will be seen at 1.3650, followed by 1.3790 and 1.3840, with the 1.40 mark being the key target. Further support lies at the 100-day moving average at 1.3320, followed by the May low of 1.3137 and the 1.30.

Forecast range:
Resistance: 1.3530 - 1.3650 - 1.3790 - 1.3840 - 1.4000
Support: 1.3320 - 1.3137 - 1.3000 - 1.2800

This Week's News:
July 28
UK CBI's July monthly difference in retail sales, which measures the year-on-year performance, was -34.

July 29
UK mortgage lending increased by £5.34 billion in June
UK consumer credit increased by £1.417 billion in June
UK mortgage approvals reached 64,167 in June
UK M4 goods supply increased by 0.3% month-on-month in June

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