02.04.201312:07 Forex Analysis & Reviews: GBP/USD. Forcast for April 2, 2013

Long-term review

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Today at 12:30 GMT+4 UK Manufacturing PMI in March is issued. It is expected to be 48.7 vs. 47.9 in February. Data on UK Net Lending to Individuals is also revealed; it is expected to be 0.9 billion pounds against 0.6 billion pounds. UK Mortgage Approvals are forecast to be 54K against 55K in January. If the data on US Factory Orders in February is strong, poll 2.9% vs. -2% in the previous month, the growth of the pound is presupposed.

Technically, on the daily chart the price has reached the resistance of trendline and is higher than the balance line of the price (red sliding). On the H4 the price has tested the Fibonacci extension and consolidated above the indicator lines. Now the target is 1.5286-1.5300, the range of Fibonacci extensions on the H4, then 1.5370/85.

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