Yesterday, UK Morgage Approval data was up and bullish for the Cable but Net Lending to Individual was down, which is bearish for the Pound. Accordingly, GBPUSD move up to test 1.70 for the thirst time but finally failed to break and started falling down quickly . The Cable could not hold above 1.6970 this time and continue to move lower especially after US Consumer Confident data exceed expectation. The GBPUSD is currently trading just above the key support level 1.6920.
The bearish momentum is clearly very strong but we can expect at least some recovery when the Cable hit the key support level 1.6920.
There is no significant event or report from UK today. However, everybody is waiting for the key events from US, they are GDP data at 12.30 GMT and FOMC meeting at GMT, which are expected to move the market significantly.
Forex Trading Signal:
Will will watch for buy signals around 1.6920 zone or sell around 1.6970 zone today, before 12.00 GMT.
+1.7300 – 1.7330
+1.7040 – 1.7065
+1.6700 – 1.67300
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