The GBP/USD confirmed a downtrend this morning with a bounce off the significant resistance level at 1.5560. Lower-than-expected mortgage approvals in the United Kingdom had a dampening effect on the pound sterling’s appeal, pushing the pair down to a current price near 1.5530.
As you can see below, this marks the third peak of a short-term downward trend, signifying that the pair may have additional downward mobility as the week moves ahead.
GBP/USD – Hourly Chart
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Greg Holden is the Chief Market Analyst at ForexYard. Greg uses his detailed knowledge of fundamental and technical analysis to provide some of the leading market forecasts in the forex world today. A guest lecturer at forex symposiums and Chief Editor of ForexYard's analysis center, Greg brings highly detailed and easy-to-use market analyses to his clientele. He has been published on ForexYard's Trading Blog and affiliate websites. Greg holds degrees in Political Science and Economics from Missouri State University, as well as a Masters degree in Middle Eastern History.
