Instead of a flat at 1.5050, the sellers sent the GBP rate to 1.4956. The pound ended up defenseless before the BoE meeting and due to the unexpected fall in production in the manufacturing industry.
The pound/dollar rate fell by 76% from a growth from 1.4894 to 1.5158. According to the daily formation, such a fall won’t be critical for the continuation of growth, but the likelihood of the pound’s rise above 1.5158 has dropped markedly. The BoE will set it in stone on Thursday. If we look at the picture from the monthly to the daily, the tendency for the pound weakening is preserved. Today’s target is 1.5055.
The pound is still in a bear trend and trading inside the body of Thursday’s candle. There isn’t anything interesting at the moment.
The hammer is the main signal of this week.