FX.co ★ GBP/USD. Forcast for June 7, 2013

Yesterday the pound moved along with the considerable growth of the euro and closed the day growing 190 points. The Bank of England left its bond-purchase target at 375 billion pounds and its key interest rate at 0.5%.
Today at 12:30 GMT+4 data on Trade balance in the UK in April is published, Visible Trade Balance is expected to be -8.8 billion pounds vs. -9.1 billion pounds in March, Trade Balance Non-EU is estimated to be -3.55 billion pounds vs. -3.47 billion in March, Trade Balance is expected to be -3.0 billion pounds vs. -3.13 billion pounds in March.
Technically, the price has worked out the whole range of the price channel, which is outlined with thick blue lines, as the data on Trade Balance is expected to be mixed and the US Nonfarm Payrolls are difficult to forecast (they are in the range 100K to 160K), we expect technical correction tot he next support on the H4 1.5500. if the price consolidates under the level, consolidation of correction is possible to 1.5380. In order to continue growing the price has to overcome the resistance of the channel on 1.5686. In this case the nearest target is 1.5760.