Today there is hope that the market will move off dead center and we will see at least some recovery. If the macroeconomic calendar was completely empty since last Wednesday, then today, data on the lending market will be published in the United Kingdom. Formally, the lending market should grow, which is pretty good. The volume of mortgage lending may increase by 4.3 billion pounds, and mortgage loans should be issued by as much as 84.5 thousand. Another thing is that we are likely to see a slowdown in the growth of the lending market, since it increased by 4.8 billion pounds in the previous month and as many as 91.5 thousand mortgage loans were issued. But the state of the real estate market, which perfectly reflects the dynamics of mortgage lending, is one of the main criteria for determining the investment attractiveness of the pound. So the slowdown in the lending market may play a bad joke on the pound and lead to its weakening. However, given how much more significant macroeconomic data was ignored last week, it is quite possible that the market will do the same today, and we will once again observe a dull stamp on the spot. And in this case, only the report of the United States Department of Labor, which is published only on Friday, can break this vicious circle.
Mortgage lending volume (UK):
Amid low activity, the GBPUSD pair returned to the lower border of the 1.3300/1.3400 horizontal channel, where on a regular basis there was a stop followed by a price rebound.
As for volatility, a decline was observed last trading week, which affected the overall dynamics of the market.
Considering the trading chart in general terms, the daily period, you can see that price fluctuations between the levels of 1.3300 and 1.3400 are regarded in the market as a rollback to the structure of the upward trend from November 3.
Based on the quote's current location, you can see the price rebound from the 1.3300 border in the direction of 50% deviation of the 1.3350 channel.
In case the price settles higher than 1.3050, we can expect a subsequent move to the upper limit of the 1.3400 channel. The alternative scenario considers price fluctuations in the 1.3300/1.3350 range.
From the point of view of a complex indicator analysis, we see that the indicators of technical instruments on the minute and hour periods signal a "buy" due to the price rebounding from the 1.3300 border. The daily period is based on an upward trend with a buy signal.