GBP/USD Update – 16/08/2017 (12:40pm): Cable (GBP/USD) looking soft still. Yesterday GBP/USD dropped sharply to the six month support line at 1.2859 but the expected buying has been eroded and we move lower. Charts continue to suggest that the 1.3267 current August high was the end of the up move. The 1.2775/59 area will now be in focus. It contains the December 2016 high and the April 21 low. Minor resistance comes in along the 55 day moving average at 1.2931.