8 May 2014; GBPUSD
As I write, the UK HPI -housing sales which is a leading indicator, was down and was at-0.2% instead of +0.8% forecast.
As a result, GU will hang at support at 1.696, then 1.692 before going to 1.688.
CCI indicate a over bought and with the data, the technical also support a down trend. The USD index showed a low for the year. Therefore after GU hit a high of around 1.700, it is some time for profit taking and reversal and consolidation.
Resistance is at 1.6980/ 1.6990.
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