On Friday, with the release of positive US data on labor, the British pound fell by 26 points, gaining a foothold below the balance lines and Krusenstern on the four-hour chart. The pound also summed up the British Manufacturing PMI, falling in January from 54.2 to 52.8 points. Now the price needs to overcome the support of the price channel line of the daily scale (1.3010) in order to continue the decline to the Krusenstern line of the daily scale – 1.2870. The signal line of the Marlin oscillator on the daily scale at a high speed approaches the border with the territory of a downward trend.
Today, PMI in the UK construction sector may fall from 52.8 to 52.6 last month. We keep a bearish look at the British currency.
The material has been provided by InstaForex Company – www.instaforex.com