U.K. data

• Industrial Order Index (CBI) (Feb), fact 6, forecast -5.

The Industrial Orders Index (CBI) in the UK rose unexpectedly in February, forming the maximum value of the current year. The overall dynamics of this indicator remains restrained negative, indicating a business restraint on the expectation of Brexit.

Fig. 1. UK Industrial Order Index (CBI)

The dynamics of the British pound remains negative to a greater extent, due to technical correction after the rapid growth yesterday. The reason for the strengthening of the British pound were very optimistic market expectations regarding the possibility of a new Brexit deal, which the British Parliament may endorse. The overall dynamics of the pound remains largely dependent on the Brexit talks that will take place today. Therefore, despite the restrained correction, the British pound is at the mercy of politics. The GBP/USD pair continues to be limited by resistance levels: 1.3080 and 1.3120, support: 1.2970 and 1.2930.

Fig. 2.  GBP/USD chart. Current price – 1.3010

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Hanzenko Anton

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