By the end of Tuesday, the pound rose by 42 pips. Under the pressure of technical convergence, the price is approaching the target resistance of 1.2684 – the June 23 low. Overcoming this level opens the target range of 1.2799-1.2814.
Today, the UK will release reports on lending. Both consumer and mortgage lending are expected to fall. The pound might correct lower. In the evening, the US will release the ADP employment report – the forecast is 195k against 324k in July. It’s very likely that the report will be worse than expected. The pound may recoup losses.
In addition, the US GDP for the 2nd quarter will also be released – a growth of 2.4% is expected. Risk appetite in the stock markets will likely increase, helping counter-dollar extend growth.
On the four-hour chart, the price is slightly correcting from the reached balance line. The Marlin oscillator is in the positive territory. The price needs to gather strength in order to rise further and overcome such close resistances (MACD line at 1.2667).
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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