FundamentalOverviewThe USD regained someground in the final part of last week although we haven’t got any meaningfulcatalyst for the move. Overall, we continue to range as the market is waitingfor something new for the next sustained trend. Given that the “short US dollar”is now the most crowded trade, it will take something meaningful to lead themarket to expect more rate cuts than currently priced in. On the GBP side, we gotsome mixed data recently as the UK CPI surprised to the upside, while the UKemployment data came out weaker than expected. The market continues to see aroundtwo rate cuts by the end of the year with a 87% chance of a 25 bps cut at the upcomingmeeting in August. GBPUSDTechnical Analysis – Daily TimeframeOn the daily chart, we cansee that GBPUSD is approaching once again the key supportaround the 1.3368 level. This support might even be seen as the neckline of themajor headand shoulders pattern. The buyers will likely step in around the supportwith a defined risk below it to position for a rally into a new cycle high. Thesellers, on the other hand, will look for a break lower to increase the bearishbets into the 1.3140 level next.GBPUSD TechnicalAnalysis – 4 hour TimeframeOn the 4 hour chart, there’snot much we can glean from this timeframe as the price hasn’t reached thesupport yet. We will need to zoom in to see some more details.GBPUSD TechnicalAnalysis – 1 hour TimeframeOn the 1 hour chart, we cansee that we have a minor downward trendlinedefining the bearish momentum on this timeframe. From a risk management perspective,the sellers will have a better risk to reward setup around the trendline andthe 1.3452 swing level to position for the break below the key support. Thebuyers, on the other hand, will look for a break higher to pile in for a rallyinto the 1.36 handle next. The red lines define the average daily range for today.Upcoming CatalystsTomorrow we have the get US Job Openings andConsumer Confidence data. On Wednesday, we have the US ADP, the US Q2 GDP andthe FOMC rate decision. On Thursday, we get the US PCE price index, the USJobless Claims and the US Employment Cost Index. Finally, on Friday, weconclude the week with the US NFP report and the US ISM Manufacturing PMI. This article was written by Giuseppe Dellamotta at investinglive.com.