Yesterday amid lack of relevant news the price has closed a 50-point gap on opening.
Today at 12:30 GMT+4 UK Industrial Production in April is published, Manufacturing Production is expected to drop 0.2% vs. growth for 1.1% in March, Industrial Production is expected to be flat vs. 0.7% in March. At 18:00 GMT+4 NIESR GDP Estimate in May is published.
We expect the pound drops to the first target 1.5507, support of trend line on the H4. If the rate consolidates under the level we expect the price in the range 1.5383-1.5406, the range of the Fibonacci level 38.2% and lower trend line.
If the rate consolidates above 1.5617 which may happen if the data is better than forecast, then upward movement to the resistance of trend line on the level of 1.5692 is possible (probably tomorrow's high).
