As we expected a campaign for stop losses at the level of 1.5825 was managed. Yesterday the price reached the high at 1.5805. Hence we can consider that the speculative aspect of the pound’s drop is covered. At 10:00 GMT+4 Bank of Japan Press Conference is expected, Masaaki Shirakawa is to speak. Investors expect the Bank to set the price stability target at 2% in terms of the year-on-year rate of change in the consumer price index and asset purchase program (quantitative easing) no less than 10 trillion yen ($128 bln). However, the data has been taken into account during trading sessions recently and it could have no considerable impact on the markets. But the surveys of the U.S. major companies may change the situation: data on International Business Machines (IBM), Google, Du Pont, Johnson & Johnson, Verizon Communication, all these companies are in Dow Jones Industrial Average, is published today. They are forecast to be in positive territory. Due to bullish market, changing the correlation the pound may rise. But tomorrow David Cameron, the Prime Minister of the United Kingdom, speaks about country’s unwillingness to be the member state. It is obvious that it will have negative impact on the pound.

We expect to observe correctional upward movement of the pond, after it downward movement resumes.

At 13:30 GMT+4 U. K. Public Sector Net Borrowing in December are to be published. It is forecast to be 13.4 bln pounds against 15.3 bln pounds in the previous month. It is considered to be positive for the U.K.’s currency. At 15:00 GMT+4 U.K. Manufacturers’ Orders Book Balance in January is published, it is expected to be at -10 versus -12 in December.

Technical targets are 1.5880, conjunction of trendline with the Fibonacci level 200% on the H4, 1.5910, conjunction of trendline with the level of Fibonacci 123.6% on the daily chart, 1.5938, the level of Fibonacci on the H4.