Rumour has it that the drop of the pound on Tuesday was due to sell of one of the biggest UK banks.
This morning BRC Retail Sales Monitor in April has been published. The drop was 2.2% vs. estimates for 1.8% and 1.9% in March. However, neither the figures nor Trade Balance in China that surpassed the expectations ($18.16 billion vs. $15.0 billion) stimulated the FX market. We expect the downtrend continues amid negative forecasts of the macroeconomic events.
Technically, when the level of 1.5467 (the low of April 30) is broken, the target 1.5420/25 (the support of trendline on the daily chart and the level of Fibonacci 138.2% on the H4) opens. The next targets are 1.5405 (the level of Fibonacci 38.2%) and 1.5360 (123.6% on the H4 which coincides with the high of April 5).
The material has been provided by InstaForex Company - www.instaforex.com
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