Cable trades weaker, market awaits UK CPI for further direction

• Cable has made a high of 1.56873 and started declining from that level. Overall trend is still weak as long 1.5700 holds.
  
  
• Bearish invalidation only above 1.5700.
  
  
• It is currently trading at 1.55780 and further direction depends on UK CPI data which is to be released today .
  
  
• UK headline CPI is expected to be unchanged at 0.0% yoy in July while core CPI is expected to be unchanged at 0.8% yoy.
  
  
• Technically cable is facing minor resistance around 1.5630 and any break above would extend gains till 1.5655/1.5690.
  
  
• On the downside minor support is around 1.5530 and break below targets 1.5480/1.5450.

 It is good to sell on rallies around 1.5635-40 with SL around 1.5700 for the TP of 1.5530/1.5465