The pound continues to ignore the fundamental data. Services sphere is 88% of the UK economy, and the February index of business activity in the services sector was much lower than expected, showing the weakest growth since March 2013 (52.4 versus 55.6 in January). However, the “bulls” on the pound reacted in inadequate response, and the national currency showed growth. Currency pair GBP/USD updated its 9-day high at around of 1.4193.
Technical analysis and week forecast for GBP/USD
On the daily chart, GBP/USD pair is achieved its goal of last week’s forecast for the pair GBP/USD. The RSI indicator has reached a resistance level, indicating the decline of the pair. Week forecast GBP/USD assumes a reduction to the level of 1.40 pounds, and then is expected to resume growth of quotations to the upper boundary of the descending channel.
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