Yesterday data on UK was better than expected. In February Retail Sales rose 2.1% vs. forecast for 0.5%. Public Sector Net Borrowing was 4.4 billion pounds against expected 8.4 billion pounds. The factory orders index in March was -15 vs. -16. As a result the British pound grew 74 points. The values are high. Probably, investors change their preference from the euro to the pound.
Yesterday the Scottish first minister, Alex Salmond, has announced that Scotland’s independence referendum will be held on 18 September 2014. It is obvious that the situation on the GBP pound should not be worsened. That is why discussions on this topic will be held later. It will happen if it is not presented one-sidedly and the mass media does not present just drawbacks of Scottish independence (the article about it was published in The Guardian, the authoritative Telegraph did not mention this fact at all).
Technically, if the currency tests the level of Fibonacci on the H4 361.8% (1.5198), the first target 261.8%, the level of Fibonacci on the H4, opens. It coincides with trendline on the daily chart. Then 1.5240 - 271% of Fibonacci and 1.5287, the resistance of Fibonacci extension on the H4, open.
