FXStreet (Barcelona) – The Brown Brothers Harriman Team reviews the UK construction PMI and mortgage approval data release and further sees the sell on upticks approach as being intact in spite of better data.
Key Quotes
“In the UK, the construction PMI rose to 55.9 from 54.2, helping the pound break a 7-session losing streak. The consensus expected a rise to 55.0. Separately, the UK reported a much larger than expected increase in mortgage approvals. They stood at 68.1k in April, after an upwardly revised 61.9k in March (initially 61.3k.”
“Over the last seven sessions, sterling fell from almost $1.5700 to below $1.5200. Despite today’s bounce, sentiment remains poor, and there still seems to be a bias of selling into upticks. Resistance is seen in the $1.5260-80 area.”
(Market News Provided by FXstreet)