Yesterday the UK data was published. UK Trade deficit in February worsened from 8.2 billion pounds to 9.4 billion pounds against forecast for -8.7 billion pounds. UK Industrial Production in February grew 1% vs. estimates for 0.4% and revised downwardly to -1.3% in January. UK Manufacturing Production grew 0.8% vs. forecast for 0.4%. The pound started moderately growing at least there were no reasons to drop. Data issued by London-based NIESR revealed GDP forecast for March. It is expected to rise 0.1%. Data on February was revised upwardly from -0.1% to 0.1%, which implies that more profound recession in the UK could be avoided.
Today there is no information pertaining to the UK. At 22:00 GMT+4 Minutes of FOMC meeting are published. At the same time report on US Federal Budget in March is revealed. Deficit gap is expected to narrow from $203.5 billion to $110.3 billion. US president Barack Obama will today send Congress his 2014 budget.
Technically, we expect the local momentum will finish when the area of strong resistance is reached on the H4 (1.5368). After that closing of positions can be expected and the price may drop to 1.5288 (the level of interjection of Fibonacci level 314% and the support of the Kruzenshtern line (blue sliding) and if the level is tested then the level of 1.5238 (the low of April 8) which coincides with the level of Fibonacci 271%.
The material has been provided by InstaForex Company – www.instaforex.com
Yesterday the UK data was published. UK Trade deficit in February worsened from 8.2 billion pounds to 9.4 billion pounds against forecast for -8.7 billion pounds. UK Industrial Production in February grew 1% vs. estimates for 0.4% and revised downwardly to -1.3% in January. UK Manufacturing Production grew 0.8% vs. forecast for 0.4%. The pound started moderately growing at least there were no reasons to drop. Data issued by London-based NIESR revealed GDP forecast for March. It is expected to rise 0.1%. Data on February was revised upwardly from -0.1% to 0.1%, which implies that more profound recession in the UK could be avoided.
Today there is no information pertaining to the UK. At 22:00 GMT+4 Minutes of FOMC meeting are published. At the same time report on US Federal Budget in March is revealed. Deficit gap is expected to narrow from $203.5 billion to $110.3 billion. US president Barack Obama will today send Congress his 2014 budget.
Technically, we expect the local momentum will finish when the area of strong resistance is reached on the H4 (1.5368). After that closing of positions can be expected and the price may drop to 1.5288 (the level of interjection of Fibonacci level 314% and the support of the Kruzenshtern line (blue sliding) and if the level is tested then the level of 1.5238 (the low of April 8) which coincides with the level of Fibonacci 271%.
The material has been provided by InstaForex Company – www.instaforex.com
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