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GBP: British Pound tries to rehabilitate after the fall
At the Forex currency market the British Pound Sterling is traded slightly upward this morning after a sharp fall yesterday.
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 has reached oversold zone, however it has not formed a signal either.
Forex recommendations: off the market.
Feasible event scenario at Forex: in case of breakdown at the level of 1.5560 the pair will go to 1.5650 and 1.5690. If the level of 1.5510 is exceeded, traders’ targets will be the levels of 1.5470 and 1.5430.
Yesterday’s statistics did not provide any support to the Pound, on the contrary, along with the external background it became a catalyst for sale.
Thus, the UK unemployment rate in QIII increased to 7.9% against the previous level of 7.8% and the forecast of 7.7%. Number of unemployed reduced in Great Britain only by 1.2 thousand in November against expected reduction by 3 thousand.
Nevertheless, level of average wages in the UK rose by 2.2% against the level of 2.1% in September.
Statistics clearly showed that companies have been slow in hiring new employees; as long as British economic outlooks are obscure and authorities continue to implement full scale reduction of budget expenses.
It became known earlier that inflation in the UK increased by 0.4% (+3.3% y/y) in November against the growth by 3.2% y/y in October. The fact, that the rate has been growing for the ninth consecutive month made economists worried. It is possible that the Bank of England will have to raise interest rate earlier to demonstrate that the inflation is under control.
Interest rate is at the level of 0.50% per annum currently, the decision to leave it unchanged was made a week ago.
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