Technically the pound tested the level of Fibonacci correction 423.6% on the daily chart and the double convergence with Marlin oscillator was kept. Today a number of relevant UK macroeconomic data is published; intrigue is awaited. UK Industrial Production in January (at 13:30 GMT+4) is expected to be 0.1% vs. 1.1% in December; UK Manufacturing Production is forecast to be 0.1% against 1.6% in December. However, UK Visible Trade Balance (is released at 16:30 GMT+4) is expected to be -8.8 bln pounds against -8.9 bln pounds in December. At 19:00 GMT+4 London-based NIESR issues GDP forecast. We consider that news agencies put stress on UK Trade Balance, whose data was better than expected and major investors will buy the pound.
Technically the signal that enables the pound to grow is not formed today; the price has to consolidate higher 1.4985, i.e. the low of March 1 and the Kruzenshtern line on the H4 (blue sliding), the price has several resistances on the H4 and daily chart ahead. In this case the growth is possible to the boarder of the Fibonacci channel on the H4 (~ 1.5080).
