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• JPY: Japanese Yen remains in the narrow trade range [11/10/2011]

GBP: British Pound Sterling remains within narrow range

At the Forex currency market the British Pound Sterling continues to be traded in the narrow range of 1.5330-1.5460 on Wednesday morning for the fifth consecutive session. Trading floors in Great Britain will resume work today; however activity in the market is unlikely to be higher due to upcoming New Year holidays.

Forex forecast: MACD indicator is in the negative area for the pair GBP/USD and began to decline again which gives a pair sell signal. Stochastic Oscillator is still in the oversold zone.

Forex recommendations: off the market.

Feasible event scenario at Forex: in case of breakdown at the level of 1.5390 the pair will go to 1.5360 and 1.5340. If the level of 1.5440 is exceeded, buyers’ targets will be the levels of 1.5460 and 1.5480.

The economic situation in Great Britain remains unchanged – trading floors were closed this week due to the Catholic Christmas celebrations.
According to the technical pattern of the trades the Pound awaits when traders will be back at the market and meanwhile it is correlated with the pair EUR/USD. The market is still thin and volatile.

Balance of payment in QIII amounted to -9.6 billion pounds against -5.2 billion pounds; final data on GDP growth rates showed the level of 2.7% y/y against 2.8% y/y earlier.

? In addition, public sector needs in cash, turned to be low - at the level of 16.8 billion pounds. At the same time tax revenues rose by 3.1 % y/y, which became an annual maximum; furthermore, the level of net public borrowing in November amounted to 23.3 billion pounds against 17.4 billion pounds for the same period a year earlier.

It became known yesterday that according to Hometrack estimate houses prices in the UK has been declining for the six consecutive months. This had a negative impact on the Pound and resulted in sale at the thin market.

The situation in employment sector still remains complicated. Unemployment rate in the UK increased to 7.9% in QIII against the previous level of 7.8% and the forecast of 7.7%. Number of unemployed in the UK decreased only by 1.2 thousand against the expected reduction by 3 thousand

 

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