Key events today:

06:00 UTC: GBP – Consumer Price Index

12:30 UTC: USD – Producer Price Index

GBP/USD remains under pressure, trading around 1.3380. Fundamental factors continue to shape a bearish outlook:

Economic risks: Recession fears in the UK and weak GDP growth (0.1% for Q2) increase expectations of a Bank of England rate cut in August.

Trade tensions: Tariffs on imports from the EU and Mexico are boosting capital flows into the US dollar.

Yields: The yield gap between US Treasuries and UK government bonds remains a key driver for the pair.

Key support level — 1.3350. A break below this level opens the path to 1.3200. A move back above 1.3420 would negate the bearish scenario.

Recommendation: SELL 1.3380, SL 1.3400, TP 1.3300.