Buy on rebound from 1.4445 level with 1.4577 target. Stop loss = 1.4395.
Reason for the trading strategy
In December, the volume of industrial production in the UK fell by 1.1% (m/m) with a forecast of a 0.1% (m/m) decline. The news, which was worse than expected, led to a fixing of long positions in the pound. Furthermore, the continuing sell-offs in the global stock markets force investors to turn towards the defensive assets and towards the dollar, the yen, the euro and the franc as funding currencies.