GBPUSD – UK GDP and C/A data in focus for fresh signals

Cable is holding in red in early Friday’s trading and signaling that Thursday’s recovery from fresh two-week low at 1.3342 may be over.
Recovery rally failed to break above thick hourly cloud on Thursday and subsequent easing probes below the cloud, increasing downside pressure.
Broken falling weekly 100SMA (1.3363) is holding dips for now and weekly close below it would generate bearish signal for extension of pullback from 1.3655 peak.
The pair is on track for the second consecutive bearish weekly close below weekly cloud top (1.3473) which would reinforce bearish stance.
Focus today is on UK data, with key releases, Q2 GDP (q/q 0.3% f/c unchanged from Q1 and y/y 1.7% f/c also unchanged from Q1) and Q2 Current Account (gap is forecasted to narrow to 15.8B from 16.9B in Q1).
Better than expected numbers would support sterling and sideline immediate downside risk, while weaker than forecasted figures would put the pair under increased pressure and risk fresh bearish acceleration through next pivots at 1.3320/18 (rising 20SMA / Fibo 38.2% of 1.2773/1.3655 ascend).

Res: 1.3455; 1.3473; 1.3514; 1.3570
Sup: 1.3380; 1.3342; 1.3318; 1.3224