UK Manufacturers’ orders book balance in November was at -21 vs. forecast for -19. It is probably the reason why the British pound could not move upwards during yesterday’s trading session.
At 13:30 GMT+4 UK Mortgage approvals in October is published. The forecast is 32.3 against 31.2 in September. Investors are interested in EU summit in Brussels and EU budget talks. Yesterday during the first day of budget debate no decisions were reached.
From the technical point of view, the pound is in the range 1.5917 to 1.5952. On the daily chart the Marlin oscillator is on the zero level. The situation is alike on the H4. If the price consolidates above the resistance of the trendline, 1.59552, it is possible that it will reach 1.5977 and 1.6003 after it. If the price consolidates under the yesterday’s low 1.5917, the drop to 1.5880, 161.8% the level of Fibonacci, is possible. This level coincides with the low of November 21.