The British pound is under pressure

The British pound is traded under pressure against the US dollar. In general, such a dynamics of the GBP/USD pair is connected with the strong position of the US dollar.

• As for the published data for Great Britain, the index of business activity in the manufacturing sector (PMI) in February was 55.2, which is lower than the previous value at 55.3.
• The volume of consumer lending by the Bank of England in January amounted to 1.357 billion, which is lower than the previous value of 1.58 billion.
• In turn, the approved mortgage loans from the Bank of England rose to around 67.48 thousand, exceeding the previous value of 67.69 thousand.

Technical analysis: During yesterday’s trading, the pair GBP/USD fixed below the support line of the ascending channel on H4, which indicates an increase in the price of the instrument in the short term. At the moment, the nearest support levels are 1.3700, 1.3620. The resistance levels are 1.3800, 1.3850.

Fig.  GBP/USD. The current price is $ 1.3746.

Alexander Sivtsov