FX.co ★ GBP/USD. Forecast for June 26, 2013

On Tuesday, the pound grew during the first half of the day amid strong data on BBA Mortgage Approvals (36.1K vs. 33.0K in April) and CBI Retail Sales in June (1 vs. -11 in May). However, when the US session was opened it started declining amid the strength of the US dollar. The reason why it was bought was data on US Durable Goods Orders and US New Home Sales which surpassed the expectations.

Today at 13:30 GMT+4 the Bank of England publishes the financial stability report.

From the technical point of view, the yesterday’s high touched the resistance of trend line on the daily chart and consequently we expect the support at the level of 1.5308 will be tested. The development of downward movement is expected after the price consolidates under the signal level on the H4 1.5398. The first target is 1.5320, the extreme points of May 10 and 16, the second target is 1.5308, support of trend line on the daily chart, and the third target is 1.5272, the low of June 4.