GBPUSD monthly chart shows that the negative momentum that we witnessed since June 2014 is still very much in play. We have not seen a slowdown in momentum since. Price is now trading into an area of Major consolidation however. This area is also a prior fib level (see chart posted).
This week we have loads of economic data out for UK. We had the Construction PMI figure this morning which came out as expected negative a lot lower than forecasted. Thursday we have the Official Bank Rate and MPC Rate Statement and then to close off this week with the Manufacturing Production m/m figure. They expect this figure to come out at around 0.4%, up from the previous month which was down at - 0.7%. Non-Farm Employment Change results will also play a hand in Price action too. So be vigilant this week. As long as Price is kept in check by the monthly fib level at 1.5298 - resisting Price, look lower for the rest of this month. 
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GBP/USD: Look Lower
Published 05/01/2015, 13:56
GBP/USD: Look Lower
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