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GBP: Pound grows in the absence of the most traders
At the Forex currency market on Christmas Friday the rate of the British Pound Sterling goes up.
Forex forecast: MACD indicator is in the negative area for the pair GBP/USD and it moves along its signal line, preventing from forming a clear signal. Stochastic Oscillator is giving a pair buy signal today, as it has come out of the oversold zone.
Forex recommendations: if current bullish sentiments will be maintained at the market, buyers’ targets can be the levels of 1.5485 and 1.5500. It is worth taking into account that trading is thin and unpredictable today.
The situation in the UK economy remains almost unchanged on Friday.
Thus, 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, representative of the Bank of England Mr. Fisher noted yesterday that British economy can continue to decline next year. At the same time the Bank still anticipates the risks of strengthening of inflationary pressure.
So, a series of negative statistics on the UK is not over yet. Yesterday, investors were frustrated to learn weak data on levels of public sector needs in cash, which turned to be 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.
Moreover, 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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