The University of Michigan Consumer Sentiment Index rates the relative level of current and future economic conditions. There are two versions of this data released two weeks apart, preliminary and revised. The preliminary data tends to have a greater impact. The reading is compiled from a survey of around 500 consumers.
The UoM consumer sentiment fell from 95.9 to 88.6 in the previous month, analysts had expected it to rise towards 96.0 last month.
This development makes the U.S dollar loses all achieved gains, at the moment of writing, EURUSD trades around 1.1440/1.1430 levels, GBPUSD around 1.5800/1.5790 levels.
EURUSD: Immediate resistance comes at the 1.1445 levels, a break is needed to resume the upside offensive, If seen, focus will be on the 1.1480/1.1520 levels, further upside will target the 1.1570 levels
In case of retreat, Immediate support comes around 1.1410 levels followed by 1.1368/1.1323 levels.
GBPUSD: Immediate resistance comes at the 1.5815 levels, a break is needed to resume the upside offensive, If seen, focus will be on the 1.5850/1.5890 levels, further upside will target the 1.5940 levels.
In case of retreat, Immediate support comes around 1.5750 levels followed by 1.5700 levels.
Conclusion: If the market fails to break above previous peaks, sideways market is likely within support and resistance range before week end !!