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Yesterday, the UK posted data on mortgage approvals and net lending to individuals. The data came out worse than expected. The number of approved mortgage loans was 58,000 against 65,000 a month earlier, while the figure was forecasted at 60,000. The volume of mortgage lending amounted to only £3.97 billion, while last month it was £5.88 billion. All indications confirm that the mortgage market is declining along with the real estate market. These factors are putting pressure on the industry.
As a result, bears put significant pressure on the British pound.
Yesterday, the EUR/USD pair declined slightly. The price approached the support level of 1.0300.
During the previous trading day, the GBP/USD pair was hovering near the psychologically important area of 1.1950-1.2000. This confirmed the fact that traders were considering short positions on the British pound.
Today, the market expects important statistics on inflation in the euro area. The consumer price growth is expected to slow down to 10.3% from 10.6%. If these expectations are confirmed, the euro might experience much more pressure. It means that the ECB may consider slowing the pace of interest rate hikes following the Fed's steps.
Timing
EU Consumer Price Index – 10:00 GMT
The price needs to fix below 1.1950 on the 4-hour chart to continue the current downtrend. This downward movement started at the end of the last week. Following this scenario, the British pound may drop to 1.1750.
We may speak about an uptrend only after the quotes fix above 1.2050 on the 4-hour chart. In this case, the price may return to the swing high of 1.2150 which is offering resistance.
The candlestick chart type is white and black graphic rectangles with lines above and below. With a detailed analysis of each individual candlestick, you can see its characteristics relative to a particular time frame: the opening price, closing price, and intraday high and low.
Horizontal levels are price coordinates, relative to which a price may stop or reverse its trajectory. In the market, these levels are called support and resistance.
Circles and rectangles are highlighted examples where the price reversed in history. This color highlighting indicates horizontal lines that may put pressure on the asset's price in the future.
The up/down arrows are landmarks of the possible price direction in the future.
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