Great Britain decides to build its own Silicon Valley

Market Leader informed

British Prime Minister David Cameron has recently announced the desire to create “East London Tech City”, the British version of Silicon Valley.

 

The example of the Russian “Skolkovo” appears to be catching. However, following the trend is not an end in itself for the British government. The London technological hub is planned to be created on the basis of the Olympic park facilities. So, the Government expects to gain double benefit from the Olympic park.

According to David Cameron, a number of well-know IT-companies are ready to invest in the project, among them are Facebook, Cisco, Google and Intel.  The Government plans to cooperate with businessmen and scientists from numerous countries of the world.

Has the news event had any impact on GBPUSD so far? Yesterday the currency pair was rapidly forming bullish wave C (C ) on H6 within the scope of wave C(C ) on D3.

The Department of studying Masterforex-V trading system expects the bullish movement to be elongated as the bullish power hasn’t run low yet.

To reverse the mid-term trend  GBPUSD needs to break through the MF pivots (1,6137 and 1,5963) and  the MF Sloping Channels defending the uptrend.

News for today (Nov 5^th – GMT):

12:30 GBR - PPI (Input), PPI (Output)

12.30 NEWS BLOCK (USA):

Change in Non-farm Payrolls

Unemployment Rate

Avg Hourly Earning

Change in Private Payrolls

Avg Weekly Hours All Employees

Change in Manufacturing Payrolls

Fed's Charles Plosser Moderates Panel at Atlanta Fed Conference

13:30 USD Fed's Thomas Hoenig Speaks on Economy

14:00 USD Pending Home Sales

15:15 USD Fed's Richard Fisher Moderates Panel at Atlanta Fed Conference

17:20 USD Fed's James Bullard Moderates Panel at Atlanta Fed Conference

19:00 USD Consumer Credit

20:15 USD Fed's Jeffrey Lacker Moderates Panel at Atlanta Fed Conference

 

 

 

 

 

Levels of Support/Resistance:

1,644 – 138% a ( C) d3 + 324% a h6 + 200% c ( C) h6

1,6383 – 76% correction grids + 300% a h6 + 176% a ( C) h6 + Oanda clients’ sell limits

1,6296 – Oanda clients’ sell limits, 124% a ( C) d3 + 262% a h6 + 162% c ( C) h6

1,62596 – the current price

1,6137 – MF pivot +MF SC

1,5963 – MF pivot + MF SC Oanda clients’ buy limits

 

 

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