Macro data from the UK published earlier this week failed to provide tangible support for the pound. Thus, the volume of consumer lending in January fell from 0.817 billion to 0.608 billion pounds (the forecast assumed an increase to 1.05 billion pounds). At the same time, despite the growth of the Markit index of business activity in the manufacturing sector in February (to 58.0 from 57.3 in January) and the BRC retail price index in the UK (in January the indicator increased by +1.5% to +1.8%), the GBP/USD pair reached a new 10-week local low near 1.3270 yesterday.
The main dynamics in the GBP/USD pair is still set by the dollar. Investors are inclined to buy it as a safe haven currency, fearing further escalation of tensions around Ukraine, while Western countries impose economic sanctions against Russian companies and individuals.
Support levels: 1.3365, 1.3300, 1.3275, 1.3190, 1.3100, 1.2950
Resistance levels: 1.3400, 1.3430, 1.3495, 1.3560, 1.3640, 1.3700, 1.3745, 1.3900, 1.3970, 1.4000
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