In the United Kingdom, BBA Mortgage Arrivals were reported at 30.5K in August, against consensus estimates of only 28.1K, and up from 28.4K in the previous month. This concludes the extent of data releases today in the UK, however the United States is slated to release several measures later this afternoon, beginning at 12:55 GMT.
According to Slobodan Drvenica, an analyst at Windsor Brokers Ltd., “The near-term price action remains well supported, despite yesterday’s dip below the 1.6200 handle that was contained by 55-day EMA and above important 1.6162 support. The current movements could be described as sideways and consolidating, following a brief probe above 1.6300 barrier, which could be seen as signals of stronger reversal.”
Briefing the technical levels, the Technical Analyst Team at Mataf.net targets the next resistance levels at 1.6252, 1.6279, and finally 1.6315. In the event of a bearish retracement prolonged downside movement, the GBP/USD will look to supports at 1.6189, then 1.6153, and ultimately 1.6126.