18.03.2015 - The price of the British pound has broken through a local minimum

The price of the British pound continued to fall and has broken through the local minimum at 1.4700, which was the basis for the continuation of the downward movement. We forecast that the drop in prices will continue in the near future and the price will fall to 1.4500. The reason for the sharp decline was the weak data on the labor market in the country, which fell short of analysts' expectations. Thus, the unemployment rate remained at around 5.7%, despite the expectation of a decline to 5.6%. We maintain our medium-term negative view on the British pound and recommend holding short positions with a stop above 1.5000.

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