Overview pound dollar
Pretty weak stats came out in England. February showed that the production volume of processing sphere in Albion showed reduction in seasonally adjusted directly by 1.1%, which significantly exceeded the projected decline of 0.2%, due to growth of 0.5% in January. Another report showed that the index of Britain's trade deficit decreased in February to a level of 11.96 billion. Pounds, compared with the January 12.16 billion. Lbs.
Price was unable to consolidate below 1.4080, and the pair rose, breaking it up.
In the area of 1.4080 is the first support below - 1.4000. In the area of 1.4160 is the first resistance, above - 1.4240.
A sell signal is strong and confirmed. The price is below the Ichimoku cloud and Chinkou-Span is above the price level. Tenkan-sen shows the downward movement and the Kijun-sen - the horizontal. The urgency of the downward movement will continue as long as the price is below the Ichimoku cloud.
Histogram MACD is in the negative zone. The price is adjusted.
Pound should consider short positions with Target 1.4080. The second objective is the level of 1.4000.
Source Fort Financial Services