The GBP/USD pressures the daily low established early Asian opening at 1.6209 weighted early Europe by UK money data with Mortgage approvals down to 64.2K and lending to individuals shrinking to 3.2B. The pair steady fall from late last week seems ready to resume, with the 4 hours chart showing price extending below a bearish 20 SMA and indicators well into negative territory, presenting a mild negative tone.
The 1.6200 level stands as immediate support, and if broken the downward move can extend to 1.6160, September 16th daily low. With first line data coming later this week, the pair has little chances to break below this last, and will likely remain range bound, with 1.6250/60 price zone capping the upside. An unlikely advance above this last should deny the possibility of a bearish extension and see the pair quickly extending up to 1.6300 on short covering.
View Live Chart for GBP/USD
The 1.6200 level stands as immediate support, and if broken the downward move can extend to 1.6160, September 16th daily low. With first line data coming later this week, the pair has little chances to break below this last, and will likely remain range bound, with 1.6250/60 price zone capping the upside. An unlikely advance above this last should deny the possibility of a bearish extension and see the pair quickly extending up to 1.6300 on short covering.
View Live Chart for GBP/USD
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