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• GBP/USD broke a winning streak on Thursday, falling back into 1.3500.
• Despite an overall bullish tilt, Cable is poised for a fresh downside challenge of key technical levels.
• UK PMI figures missed the mark on Thursday, but Friday will be another shot at UK data redemption.

GBP/USD spoiled a three-day winning streak on Thursday, crumbling away from the 1.3600 handle and backsliding down to 1.3500. Purchasing Managers Index (PMI) data from both the United Kingdom (UK) and the United States (US) split markets down the middle, with US Services PMI figures beating the street and June’s UK PMI numbers broadly missing the mark.

Heading into the last trading session of the week, Cable traders find themselves on the back foot, but with one last shot at a data-fueled upswing, assuming UK economic figures will play ball. UK Retail Sales for June are expected to rebound to 1.2% MoM following May’s sharp -2.7% decline.

US Durable Goods Orders for June are also on the docket on Friday. Analysts are bracing for a sharp contraction in monthly durable goods, with median market forecasts calling for a -10.8% decline MoM to follow up on May’s strong 16.4% upswing.

GBP/USD price forecast
 

Cable’s recent bullish pivot has come under threat, with GBP/USD chalking in a sharp technical rejection from the 1.3600 region. Rising trendlines, climbing Exponential Moving Averages (EMA), and a general upwards trajectory in price action are all providing ballast on chart paper, but near-term momentum is still poised for a pullback to the 50-day EMA near 1.3475.

GBP/USD daily chart
 

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