The pound continues to lose its positions, but not as rapidly as it did a few days earlier. Nevertheless, the pound has already fallen considerably in price, and is clearly oversold, so it is not surprising that there are hints of the possibility of a local correction more often. The problem is that this is hindered by American macroeconomic statistics. It is easy to notice that just during the publication of data on the construction industry in the United States, activity on the market increased sharply, and the pound began to throw from side to side. And, initially, just in the direction of growth. The reason for this lies in a 5.1% reduction in the number of construction permits issued. The volume of construction is expected to reduce, which may lead to a decrease in industrial production. So, this is certainly a negative factor for the dollar, which clearly contributes to the strengthening of the pound. But this can only happen in the near future, and for now, the volume of construction of new houses has increased by 6.3%, which more than covers the decrease in the number of permits issued for this very construction.
In other words, there is nothing wrong with the fact that, for example, next month, the volume of construction will be slightly reduced. The realization of this fact eventually became the reason for the further strengthening of the dollar. But it is still worth considering the fact that the growth rate of the dollar has clearly slowed down, and a correction is clearly brewing. It is quite possible that we will see it just today, since, unlike yesterday, no macroeconomic data is published in principle.
The volume of construction of new homes (United States):
The GBP/USD currency pair, despite the rapidly growing oversold level, continues to demonstrate downward interest in the market, as a result of which the quote has already fallen to the levels of the beginning of February.
The market dynamics is in the acceleration mode, where speculators feed the market with an inertial course.
In the current position of the quote, a slight pullback is visible, relative to which short positions appear again.
In this situation, it can be assumed that the downward interest remains in the market. But in order to prolong it to new price levels, the quotes need to stay below the 1.3570 mark. Otherwise, there may be a stagnation in the range of 1.3590/1.3670.
From the point of view of complex indicator analysis, it is clear that the technical instruments unanimously signal a sale.
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