Despite the negative data, the pound is growing. UK Retail Sales in March, as it was expected, fell 0.7% vs. growth for 2.1% in February. Data on the US was weak as well. However, yesterday the FTSE100 index was flat vs. drop of the German DAX on 0.39%, French CAC40 fell 0.01%, and the US DJIA dropped 0.56%.
Today data on Current Account in the Eurozone in February is published and reports on General Electric and McDonalds performance in Q1. If data is in line with forecast, the growth of the stock market may be accompanied by the pound.
Technically, in order to continue growing the price has to consolidate above the level of 1.5302, which is the confluence of Kruzenshtern line and Fibonacci level 314% on the H4. In this case the first target is resistance of trendline on the daily chart, 1.5350, then 1.5370. If the scenario is negative, the price may move downward to 1.5224, the level of Fibonacci 261.8% on the H4, then to 1.5182. However, initially the price has to move under the Fibonacci extension on the H4, lower than the testing level of 1.5270.
