Trade Balance in the UK in March was published. It was -9.1 billion pounds vs. forecast for -8.9 billion pounds. Amid the US dollar’s strength and the pound lost 87 pounds on Friday.
Technically, the trend is bearish; on the H4 the price has moved under the support of price channel and consolidated under it, on the daily chart Marlin oscillator has consolidated in the negative area. However, the price is supported by balance priceline (red sliding) and red trendline. It can be considered as a characteristic of local correction.
This correction can be expected if the price reverses under the channel line on the H4, higher 1.5367, the high of April 19. In this case the first bullish target 1.5408 opens, it is the level of Fibonacci 38.2%, then 1.5445, the low of May 7.
If the price drops amid the China’s data at 9:30 GMT+4 on Retail Sales and Industrial Production, the first target will be the high of April 23, 1.5297. If the price consolidates under the level, the second target 1.5218, the low of April 17-18 opens. It is the high of April 19.
The material has been provided by InstaForex Company – www.instaforex.com
Trade Balance in the UK in March was published. It was -9.1 billion pounds vs. forecast for -8.9 billion pounds. Amid the US dollar’s strength and the pound lost 87 pounds on Friday.
Technically, the trend is bearish; on the H4 the price has moved under the support of price channel and consolidated under it, on the daily chart Marlin oscillator has consolidated in the negative area. However, the price is supported by balance priceline (red sliding) and red trendline. It can be considered as a characteristic of local correction.
This correction can be expected if the price reverses under the channel line on the H4, higher 1.5367, the high of April 19. In this case the first bullish target 1.5408 opens, it is the level of Fibonacci 38.2%, then 1.5445, the low of May 7.
If the price drops amid the China’s data at 9:30 GMT+4 on Retail Sales and Industrial Production, the first target will be the high of April 23, 1.5297. If the price consolidates under the level, the second target 1.5218, the low of April 17-18 opens. It is the high of April 19.
The material has been provided by InstaForex Company – www.instaforex.com
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