On Monday, amid the flat market the price could not overcome accumulation of orders in the range 1.5676/97 and was sent beyond the channel boarder on the daily chart. The target 1.5762 was not reached and today until the Fed's meeting starts there is possibility to do it amid data on inflation.
Today at 12:30 GMT+4 data on the UK in May is published. PPI Input is expected to be -0.2% - (-0.1%) vs. -2.3% in April. PPI Output is forecast to be 0.0% vs. -0.1% in April. Consumer Price Index in April is expected to be 0.1% vs. 0.2%. Core CPI (annual) is expected to be 2.1% vs. 2.0% in April. Retail Price Index is expected to be 3.1% vs. 2.9% in April. Housing Price Index in April is expected to be 2.6% vs. 2.7% in March.
If data on inflation is lower than the forecast, then the next bearish target 1.5646, the low of June 13, may be reached today.
