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The GBP/USD pair dropped in the short term as the DXY bounced back. It was trading at the 1.2200 psychological level at the time of writing and it could challenge the near-term downside obstacles.
Fundamentally, the US reported poor economic data, but the greenback has managed to appreciate versus its rivals. The Unemployment Claims came in at 262K versus 264K expected, while the PPI and the Core PPI came in worse than expected.
The currency pair drops also because the UK is expected to report worse economic data. The GDP could drop by 1.2% versus 0.5% growth in the previous reporting period, while Prelim GDP may report a 0.2% drop compared to 0.8% growth in Q2. In addition, Construction Output, Goods Trade Balance, Index of Services, Manufacturing Production, and Industrial Production could report poor data as well.
On the other hand, the US Prelim UoM Consumer Sentiment could increase from 51.5 to 52.5 points, this could be good for the USD.
Technically, it has developed a triangle pattern in the short term. The weekly R1 (1.2240) stands as resistance. The rate registered only false breakouts through this upside obstacle. The 1.2190 - 1.2181 zone represents a support area.
After its strong rally, a temporary retreat was natural. An upside continuation could be activated after making a new higher high.
Dropping and closing below 1.2181 could activate more declines. This could bring new short opportunities, while a new higher high, jumping and closing above 1.2249 could activate further growth at least towards 1.2293.
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