Forex: GBP/USD bounces to 1.5750 after UK credit data
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GBP/USD
Currently, the GBPUSD is seen attempting to hold around 1.5750 after the early plunge from 1.5765 zone to 1.5725 low. The release of UK data may help the market to define a direction.
UK M4 money supply rose 0.7% in December to an annualized improvement from -2.8% to -1.0%. Consumer credit rose £0.649B, beating £0.2B consensus. The same did Net Lending to Individuals on December, rising £1.7B, above the expected £0.9B. UK Mortgage Approvals rose from 54.036K to 55.785K (consensus of 54.500K).
"Yesterday's break through 1.5745-50 dynamic resistance signals, that a bottom is in place at 1.5673 and my outlook here is positive, for a rise through 1.5810, en route to 1.5900", wrote Deltastock.com analyst Stoyan Mihaylov, pointing to intraday support at 1.5740 and key support at 1.5709.
UK M4 money supply rose 0.7% in December to an annualized improvement from -2.8% to -1.0%. Consumer credit rose £0.649B, beating £0.2B consensus. The same did Net Lending to Individuals on December, rising £1.7B, above the expected £0.9B. UK Mortgage Approvals rose from 54.036K to 55.785K (consensus of 54.500K).
"Yesterday's break through 1.5745-50 dynamic resistance signals, that a bottom is in place at 1.5673 and my outlook here is positive, for a rise through 1.5810, en route to 1.5900", wrote Deltastock.com analyst Stoyan Mihaylov, pointing to intraday support at 1.5740 and key support at 1.5709.
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