FX.co ★ GBP/USD. Forecast for June 28, 2013

Yesterday data on UK Current Account in Q1 was disappointing; it dropped 14.5 billion pounds vs. forecast for -11.9 billion pounds. The pound lost 54 points.

This morning strong data on Japan was published; Manufacturing PMI in Japan in June was 52.3 vs. 51.5 in May, Industrial Production in May grew 2.0% vs. forecast for 0.2%, Retail Sales rose 0.8% vs. forecast for 0.1%. At 5:00 GMT+4 Nikkei 225 added 1.95%; its optimism is expected at the European stocks.

At 10:00 GMT+4 UK Nationwide House Price Index in June, forecast flat, 0.4%. As for the US, mixed data is expected here (Chicago Purchasing Managers Index is expected to be lower, US Consumer Confidence Index is estimated to be higher). Today sideways movement with bullish outlook is possible; it is expected amid positive data from Japan, the UK, and the US which will be published on Monday.

From the technical point of view, if the price consolidates above the trend lien on the h4, higher than 1.5363, we expect the price at the low of June 24, 1.5341.The second target is at the level of Fibonacci 61.8%, which coincides with low of June 20, 1.5411.