Pres. Trump continues to talk and says:

Meeting with UK PM Starmer tonight (he is heading to the UK).
Says may even approve a deal.
On UK trade: We will talk more fine tuning on deal.

The GBPUSD is trading lower today, following the release of weaker-than-expected UK retail sales, which added fresh downside pressure and reinforced the pair’s bearish technical bias.

Technically, the pair peaked late Wednesday/early Thursday near a confluence of resistance:

The 50% midpoint of the July trading range at 1.35764
A swing area between 1.35760 and 1.35918

The high reached 1.3586 before rotating sharply to the downside.

On Thursday, the pair moved down to test the 100-hour moving average (blue line). Today, the downside momentum continued, with price breaking below the 200-hour moving average at 1.3464 — a key bearish signal — and extending toward the next target at 1.3414, which has now been tested.

What’s next?

Sellers’ risk is now defined by the 200-hour moving average at 1.3464, possibly up to 1.3475 (the top of a nearby swing zone).
Remaining below this area keeps bearish control intact.
A break back above would reduce bearish bias and shift short-term risk.

For further downside momentum, GBPUSD would need to:

Break below 1.3414
Then target the monthly low
And ultimately the broader swing area between 1.33607 and 1.33784

On the macro front, President Trump commented this morning that he would “never say he wants a lower dollar,” but admitted that “it’s hard to sell goods with a stronger dollar.” These remarks may influence USD sentiment, especially amid concerns about inflation tied to dollar weakness.

Visit investingLIve.com daily. You won’t regret it (formally Forexlive.com)

This article was written by Greg Michalowski at investinglive.com.