All the UK indices published on Friday fell. UK PMI manufacturing dropped 47.9 against forecast for growth for 51.0; it was 50.8 in January. Mortgage approvals were 55K against forecast for 57K. Net Lending to Individuals fell to 0.6 bln against expectations for 1.1 bln. As a result the pound lost 126 points. There are more and more rumors that due to weak indices Bank of England may vote for GBP 25 bln of additional quantitative easing in this month.
Today at 13:30 GMT+4 UK PMI Construction in February is issued. It is expected to be 49.2 against 48.7 in January.
From the technical point of view, support and resistance levels are placed in the narrow range, so one should wait till the closure in order to depict more accurately the trend.
Bullish targets are 1.5074, 1.5088, and 1.5130.
Bearish targets are 1.4990, 1.4980, 1.4952, and 1.4940.
