01, February 2013

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

House prices rose 0.5% against forecast of 0.2% in the UK in January. It is clearly that this increase is likely to be inflation, not a consumer demand.

Pound tried to male several attempts to develop a downtrend, but was pulled up by the growth of euro.

Negative macroeconomic data continues to arrive. The index of business activity in the manufacturing sector in China was published today: 50.4 versus 50.6 in December and 51.1 forecast.

Australian index of manufacturing activity fell to 40.2 from 44.3.

Purchasing Manangers Index Manufacturing is expected today at 13:30 MSK: forecast 51.0 against 51.4 the previous month.

The main news is the publication of number of employed in the nonagricultural sector in the U.S. in January, the forecast 165K vs. 155K in December.

Technically we expect a downward movement after overcoming the nearest line of the channel on the Fibonacci graph at 1.5847.