Yesterday the pound was declining, as the result it fell 100 points.
Today at 16:15 UTC+4 US ADP Non-Farm Payrolls in July is published, forecast 179K vs. 188K. AT 16:30 UTC+4 US GDP in the second quarter is revealed, forecast 1.1% vs. 1.8% in the first quarter. At the same time data on PCE in the second quarter is published; forecast 1.1% against 1.3%. At 17:45 UTC+4 Chicago PMI in July, forecast 53.7 vs. 51.6 in the previous month. At 22:00 UTC+4 FOMC Interest Rate Announcement is issued. We expect to hear the confirmation of the preceding announcements that QE3 starts from September.
Amid lack of expected strong data on US the pound will continue falling. When the yesterday’s low, 1.5221, is broken, the bearish target 1.5255, the low of July 18 opens. The second target is 1.5127, the low of July 3.
