FX.co ★ GBP/USD. Forcast for April 15, 2013

The major event that was issued on Friday, US Retail Sales in March, disappointed the investors and the pound along with the whole market preferred the bearish scenario (Retail Sales dropped 0.4% vs. forecast for being flat).

Today amid weak data on China the pound started downward movement. China’s GDP fell 0.2% from 7.9% to 7.7% vs. forecast for 8.0%; Industrial production fell from 8.9% to 9.9% annually vs. forecast for 10.1%.

Technically the prerequisites for the bearish trend have been formed. On the daily chart the current bar opened and is under the red trendline. On the H4 the price returned under the Fibonacci extension and Marlin Oscillator is in negative zone. If on the H4 the price tests the indicator lines on the level of 1.5300 which coincide with Fibonacci 314%, the price range 1.5220/36 opens, the levels of Fibonacci 361.8% and 271%, then 1.5210, the support on the daily chart.