On Monday, the price has technically closed the gap at the opening of the week and now it is ready to continue downward movement amid the rise in demand for US dollar as safe-haven asset.
Today at 12:30 GMT+4 data on UK BBA Mortgage Approvals in April is published, forecast 33.1K vs. 32.2K in March. If data is positive we expect the correction continues moving upward.
Technically, the price hardly overcomes the range of resistance 1.5487-1.5520; Marlin oscillator on the daily and H4 charts is on the zero line and its move upward may be regarded as a signal that might-have-been or the pound has already finished correction and it will move downward in the medium term. The first bearish target is 1.5320, the extreme points of May 10 and 16.
