08.08.201311:53 Forex Analysis & Reviews: GBP/USD. Forecast for August 8, 2013

Long-term review

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Yesterday Bank of England Governor Mark Carney spoke. The press conference was regarded as the most important event of the day. However, no new ideas were expressed. Nevertheless, the Bank of England has increased economic outlook considerably. The Bank has stated the GDP growth for the next year as 1.4% vs. 1.2% in May’s forecast and 2.6% vs. 1.8% in the previous reading for 2014. Amid the news the pound grew 140 points. On the opposite, FTSE100 dropped 1.41%.

From the technical point of view, when the yesterday’s high is broken, the first target 1.5588, resistance of trend line on the daily chart opens. We consider it is the major scenario in the expectation for positive data on UK Trade Balance, which will be published on Friday. When the lower testing level 1.5435 is broken, the first bearish target is 1.5390.

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