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30 Jun 2014
GBP/USD slightly down on UK May Mortgage Approvals fall - FXStreet
FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik notes that following the release of UK May mortgage approvals numbers, which dropped to an 11-month low, the GBP/USD lost some ground.
Key quotes
"Still, net mortgage lending in May grew above expected, reflecting past mortgage approvals and rising house prices."
"Despite lacking the ability of breaking higher, the GBP/USD maintains a positive tone with price above a bullish 20 SMA and indicators in positive territory."
"Developing inside a symmetrical triangle, the roof of the figure stands at 1.7045, yet seems a break above 1.7060, this year high, is required to confirm a new leg up, pointing then for a test of 1.7100."
"A downward acceleration through 1.6980, base of the same figure, should open doors for a downward correction, eyeing then 1.6950 price zone."
Key quotes
"Still, net mortgage lending in May grew above expected, reflecting past mortgage approvals and rising house prices."
"Despite lacking the ability of breaking higher, the GBP/USD maintains a positive tone with price above a bullish 20 SMA and indicators in positive territory."
"Developing inside a symmetrical triangle, the roof of the figure stands at 1.7045, yet seems a break above 1.7060, this year high, is required to confirm a new leg up, pointing then for a test of 1.7100."
"A downward acceleration through 1.6980, base of the same figure, should open doors for a downward correction, eyeing then 1.6950 price zone."