FXStreet (Guatemala) – Valeria Bednarik, chief analyst at FXStreet noted that the GBP/USD pair recovered some ground after extending its decline to a fresh 2-week low of 1.5241, ending the day a handful of pips above the 1.5300 figure.
Key Quotes:
“Soft US readings gave the pair a boost during the American afternoon, despite macroeconomic readings in the UK also were tepid. Money Supply data in the UK, showed that business lending decreased in October, whist mortgage lending came out at 68.874K against previous 71.03K.”
“The recovery was enough to reverse the short term picture, although the dominant trend is still bearish, given that the pair is trading below a daily descendant trend line coming from October 23rd daily high.”
“The 1 hour chart shows that the price is now above a bullish 20 SMA, whilst the technical indicators maintain their sharp bullish slopes near overbought territory. In the 4 hours chart, the technical indicators have advanced below their mid-lines, but remain in negative territory, whilst the price is struggling around a bearish 20 SMA.”
(Market News Provided by FXstreet)