Technical Analysis:

Weekly bias remains bearish.

However this pair is already oversold as a retracement or consolidation is expected initially this week. Fall from 1.55507 (Feb 26 high) seems to have bottomed out at 1.46980 forming a support. Upside should be limited at 1.5000 psychological zones.

A break and close below 1.46980 support will resume downtrend and further decline to 1.45000 psychological zones is expected.

 

On the new week Wednesday is going to be the most volatile day for the pair and would determine its next direction. You should first watch the UK labor market figures, Bank of England meeting minutes and the UK budget release. Later in the day focus will switch to the United States where the Fed will announce its monetary policy decision.

 

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