GBP/USD has been impulsively bearish recently which lead to a great fall from 1.3250 to 1.2850. Due to Brexit uncertainty, the currency is affected and found losing a good amount of pips today against USD. Today GBP CPI report was published with unchanged value of 2.6% which was expected to increase to 2.7%, PPI Input report was published with worse than expected value at 0.0% which was expected to be at 0.4% from the previous value of -0.3% and RPI report was published with a slight rise to 3.6% which was expected to be unchanged at 3.5%. Due to the majority of worse high impact economic report published today GBP has turned quite weaker which is expected to continue further in the coming days. On the other hand, today USD Core Retail Sales report was published with better than expected value at 0.5% from the previous value of 0.1% which was expected to be at 0.3%, Retail Sales report was published with an increase to 0.6% which was expected to be unchanged at 0.3%, Empire State Manufacturing Index was also published with better than expected figure at 25.2 from the previous value of 9.8 which was expected to be at 10.1 and Import Prices met the expectation at 0.1% which previously was at -0.2%. USD had a respectable number of economic reports with better figures which lead to further gains on the USD side making GBP get weaker in comparison. As of the current scenario, USD is expected to continue the gains for the coming days until GBP comes up with a better high impact economic report.
Now let us look at the technical view, the price is currently residing at the edge of trend line support and as of the impulsive price action recently is expected to be bearish in the coming days. The bullish trend has been quite volatile along the way but the bullish bias is still expected to continue further until price breaks below 1.2750 with a daily close. As the price remains above the 1.2750-1.2800 support area the bullish bias is expected to continue further.
