The GBP has been under pressure since last week, when Trade Balance and Industrial Production statistics were released in the UK. The balance between exports and imports of goods came in at -3.371 billion pounds from -1.508 billion earlier and against the forecast of -1.9 billion. Industrial Production had been expected at 1.4% on a year-on-year basis, but a decline from 1.5% to 0.8% followed. On a monthly basis, the indicator remained at -0.4% against the forecast of 0.1%.
Consumer Price Index is due today. In case of a positive reading, the price is likely to consolidate at recent highs 1.5469.
Support and resistance
The price consolidated above the Fibonacci correction level 38.2% and may move up to the correction level 50.0%.
Support level is 1.5371 (yesterday low).
The nearest resistance level is 1.5470 (last week and yesterday high).
Long positions can be opened from the level of 1.5413 with the target at 1.5470 and stop-loss at 1.5371.