FX.co ★ GBP/USD. Forcast for April 29, 2013

Published on Friday data on US GDP was rather strong. It grew 2.5% annually in the first quarter vs. forecast for 3.1. However, it is said to be disappointing and the pound grew moderately 40 points.

At 16:30 GMT+4 data on US Personal income and personal Spending in March is issued. Personal income is expected to rise 0.4% vs. 1.1% in February, Personal spending rises 0.1% vs. 0.7% in the previous month.

As the result we expect the market will be weak and the pound will be bearish.

Technically, currently the price has stopped on the level of conjunction of trendline and Fibonacci level 236% on the daily chart (1.5524). If this level is broken the first target is resistance of trendline on the H4, 1.5555, then resistance on the daily chart 1.5588. If the price reverses under the testing level 1.5473 we expect the price drops to the highs of April 11-12, 1.5410 and lower to 1.5385/95.