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Cable made an attempt at a recovery, despite some mixed economic data. UK manufacturing PMI came in below expectations and at the lowest since June 2013, but net lending to individuals showed a sharp rise. Sterling has been on the back foot quite significantly, but now seems to be starting to form a bit of a base, particularly against the greenback.
GBP/USD bounced off lows in the 1.6537 region and has been looking to make a bit of a recovery, but traders remain unconvinced it seems. There is a downtrend on the daily chart from the pair’s July 15 highs, which has capped prices all the way down to yesterday’s highs.
This downtrend currently comes in at 1.663 and traders could potentially look to sell at that level. Stops could be placed just above the 1.6700 mark which is where the 23.6% retracement of the mid-July to end of August. Initial targets could potentially be last week’s low at 1.6537, eyeing a potential break lower. On the UK calendar today we have construction PMI due out and this could be a catalyst for a move.