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We assume a further downward move due to macroeconomic data to be announced for the British Pound at 8:00 AM. Due to expectations of deterioration of England’s situation, the rate after yesterday’s stronger break, which I presented giving the exact level, rebounded back to the downward trend.
Asia in the first hour of the session also significantly lowered the price which only deepened the low. Currently, we assume a further downward move due to lower GDP and reduced industrial production. Be careful about reading the actual data. If the data is better than expectations, or better than the previous data, we wait for the situation to develop and possibly shift our thinking to long positions. But let the market show us the way, not our guesses!
