Pound Sterling runs out of room at the July high
Sterling spent the London morning building a case for a break and the rest of the session dismantling it, trading near 1.3495 after a high just short of 1.3550 and a loss of not quite a tenth of a percent.
The Pound Sterling hit a July high near 1.3550 before retracting slightly, trading around 1.3495. This marks the second time in recent weeks that a specific level has influenced the currency's movement. Technical indicators suggest the Sterling has been above two key moving averages and that the daily Stochastic Relative Strength Index is near 63, indicating bullish potential.
July's Consumer Price Index remained in line with expectations, with no significant impact on the currency. Meanwhile, the U.S. released its July deficit, which exceeded forecasts, and the overall fiscal year-to-date surpassed the previous year's total. In response, futures markets adjusted expectations for a September interest rate increase.
Economic data from the U.S. continues to be released, with upcoming data on producer prices, jobless claims, and Federal Reserve speeches on Friday. The Pound Sterling's resistance level is at 1.3550, with a strong support level at 1.3400. If the Sterling closes above 1.3550, it could potentially break above 1.3600.
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