The pair continues falling amid weakening in the GBP. The Pound was pressured by poor data on the GDP for the first quarter of the year in the UK. On a year-to-year basis, the index came out at 2.0%, which was 0.1% worse than forecasts. In addition, the Total Business Investment in the country in the previous quarter declined by 0.5%.
Today attention needs to be paid to data from the US, where the first quarter of the year GDP is due. Experts predict growth in the index to 0.9%.
Support and resistance
The pair continues trading in the . In case of a price consolidation below the level of 1.4610, the fall is likely to continue towards the lower border of the channel.
Support levels: 1.4610, 1.4540, 1.4485.
Resistance levels: 1.4680, 1.4740, 1.4780.
Short positions can be opened after the price consolidation below the level of 1.4610 with targets at 1.4540, 1.4490 and stop-loss at 1.4640.
Long positions can be opened above the level of 1.4680 with the target at 1.4740 and stop-loss at 1.4650.