The price of the British pound after a long consolidation has started growing again. In case of continued ascending movement, the price may reach the nearest local maximum at 1.6840 and then grow to the upper boundary of the rising channel. In case of reduction, a signal to sell will be price fixing below the strong level of 1.6770.
An increase of volatility is expected on Wednesday after the release of data on factory orders, government borrowing and voting of the Committee on the monetary policy of the Bank of England on interest rate and amount of assets purchasing. We maintain a long-term positive outlook for the British pound with a target near 1.70.