Yesterday macroeconomic data on the UK was neutral. However, the pound dropped 130 points, though there were no obvious reasons for that. UK Manufacturing PMI was 48.3 vs. forecast for 48.7. Net Lending to Individuals amounted to 1.5 billion vs. expectations for 0.9 billion, but the there was a 2,000 decrease in the number of Mortgage Approvals; however, it had a little impact on the currency.

Today at 12:30 GMt+4 UK Construction PMI in March is published. It is estimated to be 47.7 vs. 46.8 in February. Data on the US may be positive as well; ADP Non-Farm Employment Change is calculated to be 203K against 198K in February. Thus, we expect the pound will resume its upward movement.

Technically, the price reversed under the relevant levels; it was a sigh that the growth was forming both on the daily and H4 charts. Practically in order a new buy signal will be formed one should wait for the price to reenter the area above the Fibonacci extension on the H4 which is higher 1.5135. If today’s data is strong, the pair may test the low of March 28, 1.5111 with consolidation before a Fibonacci extension. If the data is mixed or worse than expectations, the reverse to 1.5072 is possible and when the level is gained, the price may reach the level of 1.5038, the level of Fibonacci 138.2% on the H4.