Yesterday the pound made an attempt to break the upper boarder of channel. On the contrary, it did nor manage to consolidate on the daily time frame. There is possibility the price reverses to the channel. From the technical point of view the situation is uncertain. Though the bullish trend preserves. The only sign of a possible downward movement is a tendency which is taking shape, a divergence with Marlin oscillator on the H4. However, the price grows it may whether not to form to be complete or take the other form.
Today strong data on the US is expected. At 17:15 GMT+4 US Capacity Utilization in May is published, forecast 77.9% vs. 77.8% in April. US Industrial Production is estimated to be 0.3% vs. -0.5% in April. At 17:55 GMT+4 Michigan Consumer Sentiment index in June is revealed, forecast 84.9 vs. 84.5.
However, according tot he current events, even if it is in line with forecasts, there is no possibility to depict the market trend. If stock market obviously is growing, then the correlation of the currency market, which was disturbed during the last two weeks, may be any. Currently, the growth to the nearest target 1.5762, the level of Fibonacci 61.8% on the H4, is preferable. If the price returns too the channel (lower 1.5700), the first target is the yesterday's low 1.5646, the break of that level may lead the price to the lev el of Fibonacci 50% on 1.5585.