GBP/USD Turns Lower Near $1.3500 as US CPI and Iran Tensions Boost Dollar Risk

1 articles · Updated · DailyForex.com · Jul 14

GBP/USD slipped from near $1.3500 after breaking its short-term ascending trend, marking a bearish turn near the top of its two-month range.
US CPI due later Tuesday and US PPI on Wednesday are the immediate catalysts, while renewed US-Iran conflict adds another potential support for the dollar through higher oil and broader risk aversion.
The pullback has been orderly rather than impulsive, suggesting traders remain unconvinced and that technical signals could be overridden by the next 36 hours of data and geopolitical headlines.
Below $1.3500, the report sees downside as the main setup, with resistance around $1.3489-$1.3500 and support near $1.3402, $1.3379 and $1.3202.