The UK unemployment rate climbed to 7.9% from 7.9%. Bank of England policy makers are split on the need to expand stimulus, with a majority expressing concern that the prolonged period of inflation above their 2% target may undermine price stability. Six members of the Bank of England’s Monetary Policy Committee voted to keep quantitative easing at 375 billion pounds this month, according to the minutes of the April 3-4. King, David Miles, and Paul Fisher wanted to increase it by 25 billion pounds.
Today at 12:30 GMT+4 data on UK Retail Sales in March is published, forecast -0.7% vs. 2.1% in February. In the current conditions the price has nothing to be but to drop.
Technically, the situation is similar to one of April 2 (on the H4 it is red-ticked), then the price before the further movement tested the Fibonacci extension on the bottom. Today the scenario may repeat; after the growth to the Fibonacci extension, to 1.5278 the downward movement to 1.5220 and 1.5182 is probable. If the level of 1.5220 is tested without moving upwards, drop to the level of 1.5182, the level of Fibonacci 236%, is possible. The next target is 1.5155, the conjunction of indicator lines and support of the trendline on the daily chart. However, if the price consolidates above the Fibonacci extension, higher than 1.5300, further growth to conjunction of the levels of reaction on the level of 1.5370 is possible.
The material has been provided by InstaForex Company – www.instaforex.com
The UK unemployment rate climbed to 7.9% from 7.9%. Bank of England policy makers are split on the need to expand stimulus, with a majority expressing concern that the prolonged period of inflation above their 2% target may undermine price stability. Six members of the Bank of England’s Monetary Policy Committee voted to keep quantitative easing at 375 billion pounds this month, according to the minutes of the April 3-4. King, David Miles, and Paul Fisher wanted to increase it by 25 billion pounds.
Today at 12:30 GMT+4 data on UK Retail Sales in March is published, forecast -0.7% vs. 2.1% in February. In the current conditions the price has nothing to be but to drop.
Technically, the situation is similar to one of April 2 (on the H4 it is red-ticked), then the price before the further movement tested the Fibonacci extension on the bottom. Today the scenario may repeat; after the growth to the Fibonacci extension, to 1.5278 the downward movement to 1.5220 and 1.5182 is probable. If the level of 1.5220 is tested without moving upwards, drop to the level of 1.5182, the level of Fibonacci 236%, is possible. The next target is 1.5155, the conjunction of indicator lines and support of the trendline on the daily chart. However, if the price consolidates above the Fibonacci extension, higher than 1.5300, further growth to conjunction of the levels of reaction on the level of 1.5370 is possible.
The material has been provided by InstaForex Company – www.instaforex.com
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