Yesterday, the pound retreated from the support at 1.1940. It closed the day near this level, which shows that the bears really intend to fight this support and go further. Yesterday’s mortgage data from the UK turned out to be worse than expected. The UK will not release any report today, but we will receive important US data. Q3 GDP in the 2nd estimate may be revised up from 2.6% to 2.7%. The Nonfarm payrolls data from ADP for November is expected to show 200,000 new jobs. Even the foreign trade balance is expected to narrow the negative balance.
The Marlin oscillator is falling on the daily chart, technically putting pressure on the price. With the quotes moving below 1.1940, we are waiting for it to reach support at 1.1737, the high on September 13.
The price settled below the MACD line on the four-hour chart. Also, the Marlin oscillator is in negative territory. Apparently, the price is just waiting for an external signal to start moving. Today’s US data may provide such a signal.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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