Pound remains heavily oversold in comparison to the US dollar.
On Friday, a lot of economic news came from the UK. It is necessary to pay special attention to the February report on industrial production and trade balance. Manufacturing shows stability at near-zero levels, after the December failure, the weakening of the pound may positively affect the trade balance. The assessment of GDP growth will also be published by NIESR.
GBP/USD technical analysis and forecast on April 8
Quotations of GBP / USD pair showed the rebound from the support level at 1.40. As expected, the RSI indicator on the four-hour chart shows the upward reversal from the support. Forecast GBP / USD for April 8 provides the recovery of pound’s lost items, the goal is in the 1.4200 area. 1.40 level breakdown risk is still possible.
