07.02.2014 - The British pound continues to consolidate
The British pound has not changed much, despite the positive data on trade balance in Britain whose deficit fell lower than was anticipated, to 7.7 billion, while the forecasted deficit was 9.3 billion. British industrial production in December increased by 0.4% vs. predicted growth 0.7%. Today the focus will be on the data of the U.S. labor market, which will be published at 13:30 GMT. Moreover at 15:00 will be released the GDP growth forecast in January from NIESR.
Investors should not forget that on September 18 will be held a referendum on the issue of Scotland’s exiting of from the UK that carries risks for the stability of the British pound.
If the price will fix above 1.6350, we recommend opening long positions with the targets of growth at 1.6400 and 1.6460. Reduction is limited by the support line 1.6260.
Wish you the profits!
FXFINPRO Capital Analytical department.