The GBP/USD pair is trading in downward trend at the American session, having reached the maximum of 1.5918 due to the released news, the total volume of mortgage loans in the United Kingdom amounted to 10.7 million pounds in February against 10.65 billion pounds in January. The data demonstrate stability in the construction market, which is favourable for the economy in the short term.
At the technical level we can note that sterling still has an upward force, so it may be a pull-back to the weekly R_1. That level will be a good entry point to sell. A daily close above 1.5935, will change the outlook and will continue rising to 1.6160 medium term.
The Momentum indicator remains in the positive zone, on the other hand, the oscillator range is showing overbought and is giving sell-signals.
