26.03.201312:26 Forex Analysis & Reviews: GBP/USD. Forcast for March 26, 2013

Long-term review

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Once again the British pound was stable amid the situation in the European Union. At the end of the trading session it dropped 60 points. Bank of England Governor Mervyn King delivered speech at London School of Economics and it contained general information.

Today at 14:00 GMT+4 George Osborne, Chancellor of the Exchequer, speaks. At 15:00 GMT+4 data on UK CBI retail sales volume balance in March is issued. It is expected to be 12 vs. 8 in February. If data on US New Home Sales is better than forecast, the pound may resume its growth. On Thursday, US GDP in Q4 is published. It is expected to be 0.5% vs. 0.1% in the second estimate and the investors have time to prepare for the release and the day off on Friday.

Technically, we expect the rate reverses from the strong area of support of highs of March 18, 19 (~1.5130) and the growth to the resistance of Fibonacci extension on the H4 (1.5142). If the rate consolidates above it, it will continue the bullish trend.

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