Cable Short after key UK Data release

12 set 2023

With not a lot of top-tier data releases scheduled during the U.S. session, traders may focus on the U.K.’s jobs numbers and extend GBP’s intraday downtrend.

I’m looking at GBP/USD as it’s currently hitting the S1 (1.2470) of the 15-minute Pivot Points.
Think Cable still has room to fall?

GBP/USD may hit the 1.2460 previous support zone in the next couple of trading sessions if the current anti-GBP sentiment continues.

But if we see a bit of profit-taking ahead of tomorrow’s U.K. GDP and U.S. CPI releases, then GBP/USD may revisit higher areas of interest like 1.2500 or 1.2510 before turning lower again.

What do you think? Will GBP/USD take a breather from its downswing and revisit 1.2500?

Or will the pair sooner revisit previous lows and make new weekly lows than see any sustained buying pressure?

13 set 2023

Nota

TP1 Hit