GBP/USD drops below 1.3100 after data from the United Kingdom

The british pound remains in negative territory on Monday, after that the GBP/USD to fall back below the 1.3100 after the publication of the data of the United Kingdom. The pair touched intraday low in the area 1.3096.

GBP/USD weakens with the United Kingdom data

The pound remains trading within the lower part of the range daily after the mixed results of the United Kingdom data. In fact, the consumer credit fell to 1.458 B pounds in June, the money supply M4 fell 0.2%, worse forecasts, and approvals for mortgages reached 64.680 during the last month, below the 65,000 anticipated.

On the positive side, net lending to individuals grew at 5.6 B pounds in June, up from the 5.3 B prior and 4.9 B expected.

In the meantime, the pair remains on the defensive following the sentiment of risk aversion in a context of recovery of demand of the us dollar.

Perspective GBP/USD

With the pair now operating on 1.3105/10, 0.29% below its opening price, a break below 1.3054 (simple moving average of 10 days) would open the doors to 1.2999 (a minimum of 26 of July) and finally 1.2995 (simple moving average 21 days).

To the upside, the next resistance area is at 1.3157 (maximum of 27 July), followed by 1.3351 (maximum of 12 September 2016) and finally 1.3447 (maximum of 6 of September 2016).

Leave a Reply