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Forex pairs in this Article » GBP/USD (London) - GBP/USD reached a high of 1.5394 in NY although has pulled back to the pivot and opens European markets 1.5352/58.

On a quiet session, UK data was yesterday in June Mortgage Approvals. The number came in at just 37.3K vrs 38.5K expected, although slightly better than a previous 36.1K. Besides that, there wasn’t anything of particular interest to markets, except that GBP/USD is in overbought territory, technically speaking, albeit in a soft dollar environment. Data wise, we are waiting for UK GDP tomorrow. Today could prove to be more about positioning ahead of that data.

GBP/USD failures

GBP/USD is showing a number of technical readings that are bearish. One is that the pair has charted a TD set up at the 1.5393 61.8% retracement. The pair has since moved aggressively lower. This price action warns of the increased likelihood of real failure there. Also, there is the13 count on the 240 minute chart. The bear’s attention will now revert to the 1.5273 accelerated uptrend. A close is required below there to alleviate upside pressure and avert continued gains through to the 78.6% retracement.
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