Yesterday there were no reasons for the British pound to grow. Today the macroeconomic data on the United Kingdom is not published. Tomorrow Bank of England releases minutes of its Monetary Policy Committee meeting, Claimant Count Change is issued as well. Thus, speculation (it may unpredictably influence the movement of the currency) is still high.
From the technical point of view, on the H4 the price was developing between the nearest lines of the bearish channel of Fibonacci and currently the price is in range 1.5423 to 1.5484. The break of the lower range may be a sign of further movement to the level of Fibonacci on the H4 261.8% - 1.5387. The break of the higher range to one of the targets is defined by the local highs – 1.5523, the low of Feb. 13, 1.5548 – the high of Feb. 15, 1.5575, the low of Feb. 12.
