GBP USD Long?
From chart above look like GBPUSD breaking the key resistance 1.4777 (high 24/3). Price already break and retest downtrend trendline. Momentum(14) and momentum(10) already pointing up and above zero line.
This technical break is backed very well by fundamentals: there has been lots of positive news from the UK in the past week:
- Mortgage Approvals have risen to 39K, beating expectations of 34K.
- GfK Consumer Confidence was only -30, more than -35 of last month and of expectations.
- Manufacturing PMI made a big surprise by rising to 39.1, rather than 34.9
- Nationwide HPI made the biggest surprise by rising 0.9% rather than falling. British real estate climbing? Really?
- And also today’s Services PMI rose to 45.5 instead of 43.6 that was expected.
All of these indicators are major figures. I look closely at housing figures, since the real estate bubble in Britain is one of the main causes of this recession.
However I’m waiting for market closing today and hope price will close above 1.4777.
What do you guys think?
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