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GBP/USD steady fall from late last week seems ready to resume - FXStreet

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik points out that the disappointing UK Mortgage Approvals and Net Lending data weighed on GBP/USD in the European morning.

Key quotes

"The pair steady fall from late last week seems ready to resume, with the 4 hours chart showing price extending below a bearish 20 SMA and indicators well into negative territory, presenting a mild negative tone."

"The 1.6200 level stands as immediate support, and if broken the downward move can extend to 1.6160, September 16th daily low."

"With first line data coming later this week, the pair has little chances to break below this last, and will likely remain range bound, with 1.6250/60 price zone capping the upside."

"An unlikely advance above this last should deny the possibility of a bearish extension and see the pair quickly extending up to 1.6300 on short covering."

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