FXstreet.com (Barcelona) - The S&P Case-Shiller Aug 20-City Home Price Index has risen 1.2% between July and August in The United Stated, the GBP/USD has continued trading lower after rejecting 1.6440 resistance to test MA55 hourly chart level at 1.6360.
Currently the pair is trading around 1.6370/80, 0.35% above today's opening price action at 1.6315.
The S&P Case-Shiller Aug 20-City Home Price Index has moderated its decline rate on yearly basis to 11.3% decline in August from 13.3% year over year in July.
The ecPulse.com analysis team comments: The cable witnessed a sharp ascend, where signs of a bullish technical pattern could make our expectations for today fail, but at the same time we see momentum indicators starting to enter overbought areas, which might cause trading to return below 1.6395 (the neckline for the bullish technical pattern it failed). Our morning expectations remain as is, where we haven't witnessed a close above 1.6465 (pivot level for the short term direction).