MarketPulse | May 27, 2014 12:28PM ET
GBP/USD has lost ground on Tuesday, as the pair trades at the 1.68 line in the North American session. In economic news, British BBA Mortgage Approvals continues to weaken and missed expectations. Later in the day, Bank of England Governor Mark Carney speaks in London. In the US, the news was mixed, as manufacturing numbers slid, while consumer confidence had another strong outing.
In the UK, Tuesday's only economic release was a disappointment, as BBA Mortgage Approvals softened for the third consecutive month. The indicator dropped to 42.2 thousand, well off the estimate of 45.2 thousand. This was the lowest level we've since last September, and could point to trouble in the UK housing sector. Later on Thursday, we'll hear from BOE head Mark Carney, and the markets will be listening for any hints regarding the possibility of a rate hike.
GBP/USD for Tuesday, May 27, 2014
GBP/USD Technicals
S3 | S2 | S1 | R1 | R2 | R3 |
1.6549 | 1.6705 | 1.6765 | 1.6896 | 1.7000 | 1.7210 |
Further levels in both directions:
OANDA's Open Positions Ratio
GBP/USD ratio is almost unchanged in Tuesday trade. This is not consistent with the movement of the pair, as the pound has lost ground. A large majority of the open positions in the GBP/USD ratio are short, indicative of a trader bias towards the dollar posting gains against the pound.
GBP/USD has weakened on Tuesday. In the North American session, the pair has edged upward.
GBP/USD Fundamentals
*Key releases are highlighted in bold
*All release times are GMT
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