We observed that during yesterday's trading session the pair updated its annual lows and found a new level of resistance near the mark of 1.2860, leading it to a correction.
The dollar index continues to demonstrate the strength of the reserve currency and is near the maximum annual values.
Today, we expect the US Producer Price Index for June, as well as an estimation of the UK’s GDP growth, although at the current time it is unlikely to see a trend correction.
Therefore, we will expect the price to overcome the current level of support and look for points to enter short positions.
We believe that the next psychological level for the pair will be at 1.28, near which we recommend to set the Take Profit levels. Otherwise, a correction option may be applied to the upper level which is at 1.2960.
