The British pound grew 48 points after the Fed announced yesterday about QE3: the bonds will be purchased for 40 bn dollars monthly. But taking into account this news, the acceleration is not so significant which may indicate a rebound after fixation. Moreover, we are waiting for weak data from the USA on utilization of capacity and consumer confidence.
Technically, the price hit trend support line which is placed at April 28, 2011 and August 19, 2011 highs (thick red line). If the rate holds above it, it will enable a bullish target of 1.6230 and continue short-term growth tendency. Locally, on 4H time frime it is possible to wait for correction towards 1.6127 and 1.6066.
