Market Analysis: Sterling is exhibits a softer to sideways tone after yesterday’s Nationwide House Price Index pointed to an unexpected contraction of -0.6% MoM, signaling a cooling real estate market. However, stubborn inflation metrics may deter the BoE from rushing into cuts. Key events today include the April UK Mortgage Approvals (expected at 62.00K vs. 63.53K previously) and Consumer Credit data, which is expected to show resilient credit card spending. The marquee event will be BoE Governor Bailey’s speech at 21:00; any hawkish rhetoric reaffirming restrictive rates will cushion the Pound and propel GBPTHB higher.
Technical Outlook: The 4H structural layout reveals a “Sideways Down” pattern, though prices have tentatively begun trading above the EMA as the MACD prints a bullish crossover. The RSI is similarly pressing up against its 50 mid-point, suggesting that buying momentum is starting to filter back into the market. Upbeat UK data coupled with an afternoon decline in the local SET index could clear the path for a retest of the 43.90 – 43.92 resistance tier.
Support Level : 43.79
Target : 43.90 – 43.92
Stop Loss : 43.78
Technical Outlook: The 4H structural layout reveals a “Sideways Down” pattern, though prices have tentatively begun trading above the EMA as the MACD prints a bullish crossover. The RSI is similarly pressing up against its 50 mid-point, suggesting that buying momentum is starting to filter back into the market. Upbeat UK data coupled with an afternoon decline in the local SET index could clear the path for a retest of the 43.90 – 43.92 resistance tier.
Support Level : 43.79
Target : 43.90 – 43.92
Stop Loss : 43.78
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.