FX.co ★ GBP/USD. Forecast for May 14, 2013

Yesterday the pound preferred bearish scenario. By the end of the day it lost 57 points.

Significant macroeconomic data on the UK will be published tomorrow (Claimant Count Change, Claimant Count Rate). Today a technical correction to the area 1.5367-1.5384, depicted on the H4, is expected. Technically, the correction may be depicted by the rebound from the boarder of Bollinger Bands (20-2), where in the area of 1.5367-1.5384 the price meets the center line of the envelope. On Wednesday, weak US data on Capacity Utilization and Industrial Production is expected amid the information we expect the trend resumes downward movement.

If the price consolidates under the level of high of April 23, 1.5297, the target 1.5218, the low of April 17-18 opens it is the high of April 19 as well. Then 1.5185, considerable level of interjection of trendlines on the daily chart, coinciding with the Fibonacci level 23.6% on the H4.