GBPUSD: The price increase is not enough to reverse

Hello traders, in yesterday's trading session, after a slight increase in price towards the activity zone of the GBPUSD EMA, it quickly returned to a downward direction. The price action seems to lack enough strength to sustain the upward movement, indicating a possible reversal for this currency pair.

Currently, the price is trading around the 1.217 level with a target to continue declining. The support level at 1.206 is being targeted at this time.

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Comentário:

Later in the day, Housing Starts and Building Permits data for September will be featured in the US economic docket. High interest rates have been weighing heavily on mortgage demand and a significant contraction in Housing Starts could cause the US Dollar to weaken in the second half of the day.