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On Tuesday, news on the UK was strong. UK Manufacturing Production in June grew 1.9% vs. expectations for 0.9%. Industrial Production grew 1.1% vs. estimates for 0.7%. Gross domestic product rose 0.7 percent compared with a 0.6 percent gain in the second quarter, the London-based institute, NIESR. However, the pound closed the day with a slight drop due to the pressure of the stock market. Yesterday Barack Obama said about the necessity to reform mortgage giants Fannie Mae and Freddie Mac.
Today Bank of England Governor Mark Carney presents the central bank’s new economic forecasts as well as an assessment on using forward guidance as a policy tool. If Carney’s pessimistic outlook pertaining to economic growth will not be better, the pound will continue moving downwardly.
After the area of support is tested 1.5306/18 (which is corresponding to the price breaks red indicator balance line on the daily chart) we expect drop of the price to 1.5255, the low of August 5, and the second target is 1.5222, the high of July 11. In order to grow the price has to do a lot, it should move off the upper testing level 1.5376, however at that point resistance of Kruzenshtern line is waiting for the price there.
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