Yesterday the pound was in sideways movement. The Bank of England preserved its monetary policy unchanged. This time it did not publish traditional announcement, moving inflationary report on August 7. The pound did not pass the demand for USD and closed the day dropping 90 points.
Today at 10:00 UTC+4 Nationwide House Price Index in the UK in July is published, forecast 0.4% vs. 0.3% in June. At 12:30 UTC+4 data on UK PMI Construction in July is published, forecast 51.6 vs. 51.0 in June. If data is strong, we expect the local growth of the pound until at 16:30 UTC+4 US Non-Farm payrolls is published. It is expected to be rather strong.
From the technical point of view we expect the price declines to the first target 1.5062, support of trend line on the H4, the second target 1.5013, the next trend line and for the next few days to 1.4960, the area of interjection on the daily chart brown trend line with red trend line and the level of Fibonacci 76.4%.