Forex news: GBP/USD recovers on UK data
The safe haven run that plunged the GBP/USD to 1.6185 low has been retraced just now after the release of UK housing data. Mortgage approvals (March) and PMI construction (April) scored higher results than expected, as well as Consumer Credit in March. Also published were M4 Money Supply figures for March, pointing a drop in monthly and yearly basis.
After having tested yesterday’s low by reaching 1.6185, the GBP/USD rallied back to 1.6125/30 area, above the opening price.
“Although the pair is still struggling above 1.6190 support and the mentioned level is intact, my outlook is bearish, for a break below yesterday's low, towards 1.6070 major support area”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to initial resistance at 1.6250.
After having tested yesterday’s low by reaching 1.6185, the GBP/USD rallied back to 1.6125/30 area, above the opening price.
“Although the pair is still struggling above 1.6190 support and the mentioned level is intact, my outlook is bearish, for a break below yesterday's low, towards 1.6070 major support area”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to initial resistance at 1.6250.
Category: Bank of England , Forex News , Forex-Beginner , GBP/USD , London
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