Yesterday the British pound advanced, probably expecting the GDP growth (it is published on Thursday). On Wednesday Retail sales are expected to grow. At 12:00 GMT+4 data on Public Sector Net Borrowing in March is published, it is expected to rise 14.3 billion vs. 4.4 billion in February. At 14:00 GMT+4 data on UK Manufacturers’ orders book balance in April is issued, it is expected to be -14 vs. -15 in March. The downward pressure may be made by US Hew Home Sales (416K vs. 411K).
Technically on the H4, the price moved above the Fibonacci extension. However, in order to continue growing it has to consolidate above the level of Fibonacci 314% (1.5302). In this case the growth to 1.5367, the high of April 19 is possible. The rate may return under the Fibonacci extension, lower 1.5245 it resumes bearish trend to 1.5182 (the level of Fibonacci 236%).
