The Cable attempted to break above 1.31 yesterday, but price was quickly rejected and pressured towards 1.30 amid Dollar strength. UK Q2 GDP plunged by a record 20.4%, but the pair bounced by 20 pips as this drop was already priced in by markets. However, any upside will likely be met by sellers as the short-term sentiment remains bullish on the USD. A bounce back towards the 50-period SMA will be an ideal short entry setup, targeting below 1.30.
Support: 1.3010/ 1.2950
Resistance: 1.31 / 1.3170
