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• AUD: sales of Australian Dollar do not subside [11/10/2011]
• JPY: Japanese Yen remains in the narrow trade range [11/10/2011]

GBP: British Pound remains in the range

At the Forex currency market the British Pound Sterling rate is traded slightly upward on Friday, although the pair GBP/USD has been in the range for three days already and it still fails to go beyond it.

Forex forecast: MACD indicator is in the negative area for the pair GBP/USD, and it is moving along the signal line, not giving a clear signal. Stochastic Oscillator is in the oversold zone and is giving a pair sell signal.

Forex recommendations: off the market.

Feasible event scenario at Forex: in case of breakdown at the level of 1.5840 the pair will go to 1.5900 and 1.5950. If the level of 1.5730 is exceeded, traders’ targets will be the levels of 1.5700 and 1.5770.

Yesterday the Bank of England decided to leave current interest rate unchanged at the level of 0.50% per annum, the volume of the assets redemption program was also left unchanged. These decisions agreed with the market expectations.

In addition it also became known that foreign trade deficit with the exception of the Eurozone countries was revised to the level of 8.4% billion pounds sterling. British ex-Prime Minister Gordon Brown believes that problems of Eurozone will have an impact on British economy. As long as the Eurozone fails to cope with the Euro decline, preconditions for a new crisis in the banking system will stem in the area. At the same time Eurozone is unlikely to handle this situation without losses and therefore, neighbors will be also involved too.   
 
 

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