Yesterday Bank of England Governor Mervyn King said that the major problem in the country’s system is banks, which are too big to bankruptcy and suggested to cut the share of the capital loans up to 10-20%. The pound fell.

Today at 16:00 GMT+4 Bank of England is to publish Interest Rate Announcement and Asset Purchase Facility. There are forecasts that there will be an increase of 25 billion pounds.

From the technical point of view, double convergence has been formed on the daily chart and there may be a swing if US Nonfarm Payrolls is better than forecast. Today the trade is expected to be in the range 1.4953-1.5075, the range of the trendlines on the daily chart. The first resistance is the line of Fibonacci channel on the H4, which coincides with the resistance lines of the indicator lines. If 1.4953 is broken, 1.4915, the line of the Fibonacci channel may be reached.