The pair advanced higher yesterday but no major developments took place; a contributing factor was the relatively calm fundamental scene.
Technical Outlook
The pair seems to be headed for 1.6170 again but a retracement lower in the 1.5960 area is still not out of the question. In fact we believe another touch of this minor support is necessary before price can resume its upward path. This encounter with support is likely to happen today.
Fundamental Outlook
The British Bankers’ Association Mortgage Approvals will be released today at 08:30 am GMT and are expected to increase from the previous 37.2 to 38.6. This indicator offers insight into the UK housing market and higher numbers usually strengthen the Pound, driving the pair higher.
Written by: Bogdan Giulvezan
Technical Outlook
The pair seems to be headed for 1.6170 again but a retracement lower in the 1.5960 area is still not out of the question. In fact we believe another touch of this minor support is necessary before price can resume its upward path. This encounter with support is likely to happen today.
Fundamental Outlook
The British Bankers’ Association Mortgage Approvals will be released today at 08:30 am GMT and are expected to increase from the previous 37.2 to 38.6. This indicator offers insight into the UK housing market and higher numbers usually strengthen the Pound, driving the pair higher.
Written by: Bogdan Giulvezan
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