Amid the drop on the market (DJIA -0.03%, gold -0.27%, oil -0.55%, and the euro -47 points), the pound fell 29 points as well.
Today data on France’s Industrial Production, German Factory Orders, and the US Consumer Credit in March is issued. Tomorrow UK Retail Sales in April is expected to drop. On Thursday data on UK Industrial production in March (0.3% vs. 1.0%) and GDP forecast in March are published. Probably amid the expectation the pound continues to slide.
If the testing level 1.5520 (the yesterday’s low) is broken we expect the price moves downwards to 1.5467 (the low of April 30), then 1.5420/25 (support of the trendline on the daily and H4 charts). The nest targets are 1.5405 and 1.5360 (123.6% on the H4 which coincides with the high of April 5).
