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Yesterday was a calm day in the market partially because of a federal holiday in the United States. The United Kingdom's macroeconomic calendar did not contain any important events. The construction PMI dropped to 55.2 from 58.7. The reading could hardly affect the market even though it was estimated to rise to 56.5.
United Kingdom construction PMI:
A decrease in the Halifax house price index to 7.1% versus 7.6% did not affect the market either. The figure was expected to fall to 7.3%. Despite the importance of the housing market for the UK economy, Halifax is not the largest agency so that its data could influence the market. Therefore, it is likely to be flat today.
Halifax House Price Index, UK:
The corrective move from the 1.3600 support stopped at the 1.3880 resistance. A decrease in the volume of long positions slowed the upward trend, leading to a pullback.
The Relative Strength Index has reached the overbought level of 70, generating a sell signal.
Outlook:
A pullback from the 1.3880 resistance may well resume a downward trend. An increase in the volume of short positions is expected at the moment the price consolidates below 1.3815. In such a case, the quote may go to 1.3800-1.3755.
In terms of complex indicator analysis, technical indicators are sending a sell signal for short-term and intraday trading amid a pullback from the 1.3880 resistance. As for intermediate-term trading, indicators are generating a buy signal amid the upward trend from the pivot point of 1.3600.
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