The British pound, with the upper shadow of the daily candle, pierced through the embedded line of the descending price channel and the balance indicator line, after which it returned back below these lines and closed the day with a black candle. Such a false upward movement indicates the pair’s intention to strengthen the downward trend. Yesterday, the pound rose despite negative data: the Services PMI faded to 53.1 points in March, from 53.8 in February, and the composite PMI weakened from 53.0 to 52.8.
Today, the UK will release its Construction PMI data, and the indicator is expected to reach 49.8 against 49.7 in February. However, as a result of yesterday’s data, we expect the index to turn out weaker than the forecast. This time, the pound is unlikely to go against the data. In this case (especially with the release of US employment report), the target will be 1.2500 – the support from last December.
On the 4-hour chart, the price is heading towards the 1.2596 level, and the Marlin oscillator is also eager to move towards the area below the neutral zero line. We can find the MACD line (1.2585) just below the 1.2596 level, which the price needs to overcome. This will open up medium-term prospects.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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