FX:GBPUSD British Pound/U.S. Dollar
The Pound has been falling since mid-July but made a short term low on 10/14. Shortly after the October low, price has been behaving in a manner more resembling consolidation than moving lower. The downward sloping trend line was broken on the 17th and now the support/resistance line at ~1.6182 has been tested and is about to be retested. At 8:30 GMT Britain will release “Net lending to Individuals” data which is reflective of consumer sentiment. Since hitting lows in early 2013 it has been rising aggressively and has contributed to Pound sentiment. The opportunity for price to break near resistance and move higher is upon us.