Pound’s recovery from the low set at 1.2088 against the greenback continues this Wednesday, with the GBP/USD pair back to its comfort zone around the 1.2200 figure. Data coming from the UK showed that consumer credit is growing at its fastest rate since December 2006, driven by strong demand for personal loans and credit cards, according to the British Bankers’ Association. September mortgage approvals rose to 38.252K from previous 37.241K, also beating expectations. Still, and despite the dollar is correcting lower this Wednesday, the risk remains towards the downside for the pair, amid fears about Brexit’s possible consequences.
The 4 hours chart shows that the price is unable to firm up above a modestly bearish 20 SMA, while technical indicators have turned higher within negative territory, still unable to cross their mid-lines towards the upside and confirm further gains for today. The pair has an immediate resistance at 1.2250, and further recoveries will depend on the ability to run through it, targeting the 1.2300/30 region. Below 1.2160 on the other hand, the pair may go back to the mentioned weekly low, en route to 1.2000.
the GBP/USD pair back
