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At the Forex currency market the British Pound Sterling rate is traded downward on Monday, as investors are not very confident in external environment.

Forex forecast: MACD indicator for the pair GBP/USD is traded slightly upward in the negative area, while volumes are weak and is giving a buy signal. Stochastic Oscillator remains in the overbought zone and is giving a similar signal.

Forex recommendations: in case of breakdown at 1.5555, the pair will go to 1.5560 and 1.5570. There is a high chance of consolidation at the current levels.

Macro-economic background is stable so far. The release of the minutes of the last meeting of the Bank of England is expected this week. Comments of MPC members will be of interest to players; however they are unlikely to affect overall pattern of trades for GBP/USD.

Unemployment continues to thrive in Britain. Unemployment rate rose to 8.4% in November against the forecast of 8.3%, the level of unemployed increased by 118 thousand over three months against +128thousand in the previous three months, according to estimates.

Statistics released earlier showed that consumer confidence Nationwide in the UK reduced to 38 points in December against the level of 40 points in November. It seems that the latest data has smoothed over the rise achieved in November, although it has not been unexpected. The end of 2011 was not simple for the British consumers, which is reflected in statistics. It is worth noting that the Bank of England expects economic stagnation in Q4 2011 and GDP growth in Q1 2012. Revised GDP in the UK rose by 0.6% q/q (+0.5% y/y) in Q3.

Statistics released earlier showed that retail price index BRC in the UK increased by 1.7% m/m in December against the rise of 2.0% a month earlier. So, the index now fell to 16-month lows, largely due to Christmas sales, when retailers reduced prices. Prices declined by 0.1%on monthly basis. According to the data released previously, house prices Rightmove in the UK dropped by 0.8% m/m (+0.4% y/y) in January. Research Group stated that asking prices fell three times this month; however interest to the British real estate sector is still preserved. Meanwhile, according to experts' estimate, situation in the sector remains "complex" in 2012, as unemployment rate is increasing and impact from European problem is not waning.

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