Sellers in the GBP/USD remained in control after the U.K. CPI fell short of expectations. The soft inflation report is making a BoE rate hike next month less likely than previously expected. The pound tested the 1.3010-mark but was later able to stabilize above 1.3050. Higher resistances could now come in at 1.3150 and 1.3230. As long as the pound remains below 1.3230 we may see a dip towards 1.2950.
Sterling traders may keep an eye on U.K. Retail Sales today at 8:30 UTC.
For day traders of the EUR/USD there was nothing to gain Wednesday. The euro fell victim to a strengthening dollar but losses were limited to the 1.16-handle. As long as 1.16 holds we expect the pair to trade between 1.1720 and 1.1620.
Given the liquidity drain, traders should bear in mind that trading conditions could be challenging during the summer months. A proper risk management is therefore indispensable.
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