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GBP: British Pound tends to make observation
At the Forex currency market the British Pound Sterling rate is traded slightly downward on Thursday.
Forex forecast: MACD indicator for the pair GBP/USD is traded in the negative area and is going down, while volumes are increasing, giving a sell signal. Stochastic Oscillator is going up in the neutral zone, giving a buy signal.
Forex recommendations: off the market.
Feasible event scenario at Forex: in case of breakdown at 1.5435, the pair will go to 1.5450 and 1.5460. If sellers come back in the pair, the target for decline will be at 1.5350.
Statistics released today 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 easy for the British consumers, which reflected in statistics.
Meanwhile, unemployment continues to thrive in Britain. Unemployment rate rose to 8.4% in November against the forecast of 8.3%, the level of unemployed rate increased by 118 thousand for three months against +128 thousand for the previous three months, as perestimates.
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.
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.
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.
