Forex Blog
Blog-FX.Com

At the Forex currency market the British Pound Sterling rate is decreasing on Monday morning, continuing dynamics of the end of last week.

Forex forecast: MACD indicator is in the positive area for the pair GBP/USD and is going up, however the volumes do not increase indicating a pause in the pair buy signal. Stochastic oscillator is going up a slightly today in the positive zone.

Forex recommendations: in case of breakdown at the level of 1.6300 the pair will go to 1.6320 and 1.6345. If a break upward does not take place, the pair will consolidate close to the current levels.

It became known today that house price index in Great Britain increased by 1.7% m/m (+0.1% y/y) in April, as per Rightmove estimates. This has not affected the trades yet.

Earlier it became known that consumer confidence in Great Britain increased to 44 points in March, as per Nationwide study, against the level of 39 points in February. At the same time index of expenditure rose to 66 points versus the previous level of 53; expectation index went up to 66 points against the 51 previously. Therefore, confidence index in the UK has moved away from the lows, which is a positive factor for the British economy. The data released today showed that CPI in Great Britain grew by 0.3% m/m (+4.0% y/y) in March.  Sterling sluggishly responded to this statistics – for over a year inflation in the UK has been considerably higher than the significant level of 2% to which the Bank of England adheres.

Statistics released earlier showed that CPI in Great Britain grew by 0.3% m/m (+4.0% y/y) in March.  Sterling sluggishly responded to this statistics – for over a year inflation in the UK has been considerably higher than the significant level of 2% to which the Bank of England adheres.

Important data on the UK will be published on 27 April – it will be GDP in QI and monetary authorities hope to see the growth by 0.7%. If economic growth will be confirmed the rate can be increased to 0.75% per annum in the medium term. Interest rate was kept at the level of 0.50% per annum, program of securities repurchase also remained in the previous volume.   

Tags: