GBP/USD Technical Analysis: Drops to fresh YTD lows post-UK CPI, remains vulnerable

   •  Against the backdrop of a broadly stronger USD, softer UK consumer inflation figures exerted some additional downward pressure and dragged the pair to fresh YTD lows.

   •  Short-term indicators continue losing altitude and further reinforce prospects for an extension of the downfall towards testing a support marked by a short-term descending trend-channel.

GBP/USD 4-hourly chart

Spot rate: 1.3049
Daily High: 1.3117
Trend: Bearish

Resistance
R1: 1.3050 (previous YTD low set on June 28)
R2: 1.3117 (current day swing high)
R3: 1.3140 (horizontal zone)

Support
S1: 1.3000 (psychological round figure mark)
S2: 1.2970 (descending trend-channel support)
S3: 1.2915 (horizontal zone)