FX.co ★ GBP/USD. Forcast for April 30, 2013

Optimism that was created by data on UK GDP (it was published on April 25, it was 0.3% vs. forecast for 0.1%) declines gradually. Yesterday British FTSE100 grew 0.49% vs. German DAX which added 0.76%, French CAC40 was up 1.55%, and US S&P 500 rose 0.74%. The pound added 12 points vs. 49 points for the euro.

Today at 14:30 GMT+4 data on UK Mortgage Approvals in March, it is expected to be 52.7K vs. 51.7 K in February. Net Lending to Individuals in the UK is expected to be 0.9 billion pounds vs. 1.5 billion in February. We expect the continuation of pressure made on the pound.

As the main scenario we consider the bearish scenario with target to 1.5410 (the high of April 11). The second target is conjunction of two levels of Fibonacci on the H4, 361.8% and 271% on the level of 1.5370 (appropriately on that level the Kruzenshtern trenline – blue sliding meet the others).

If the price consolidates above the resistance of trendline on the H4 1.5513, the growth to the level of conjunction of trendline and the level of Fibonacci 161.8%, 1.5574 on the H4 is possible.