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Forex pairs in this Article » GBP/USD (Edinburgh) - The pound is now retesting session lows, pushing the GBP/USD to another test of the 1.6325/20 area after UK data.

GBP/USD weaker on data

The pair quickly faded the bull attempt to 1.6350 after Mortgage Approvals rose below estimates to 67.7K during October vs. 68.5K expected and 66.8K from September. Further UK data also came in on the softer side, showing that Net Lending to Individuals shrunk to £1.7 billion inter-month from £2.2 billion previous and M4 Money Supply just expanded at a monthly pace of 0.1% vs. 1.1% expected. In the opinion of Camilla Sutton, Chief Currency Strategist at Scotiabank, the short-term technicals remain bullish, “however as spot rallies to a new high the MACD has failed to do so, warning of potential diverging pressures on the currency”.

GBP/USD critical levels

The pair is now losing 0.12% at 1.6323 and a breakdown of 1.6277 (low Nov.28) would aim for 1.6198 (low Nov.27) and finally 1.6185 (MA10d). On the upside, the initial hurdle lines up at 1.6380 (2013 high Jan.2) followed by 1.6400 (psychological level) and then 1.6421 (high Aug.30 2011).
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