Inflation in UK remains high.

Market Leader informed

In connection with the growth of the world prices on crude oil and raw materials, the UK consumer price inflation remains at a high level. Such a tendency (3% growth) has already been seen for a couple of months. However, various discounts offered by numerous retailers smoothen over the impact. The Unemployment Rate news-release expected this week is likely to confirm the results of numerous opinion polls saying that the employment rate growth in the UK has slowed down. The Retail Sales report, which is to come out this week as well, is expected to see growth in the light of the New Year holidays. However it won’t considerably improve the overall economic picture.

In the meantime at Forex the British Pound currency rate is trying to decide on the destination of its further mid-term movement. According to the Department of studying Masterforex-V trading system , by breaking through the defensive MF pivot and coming out of the MF sloping channel the price has recently terminated the entire wave started from 1.5510. The newly-formed bearish wave needs its own “moment of truth” to define in what direction GBPUSD will go further. It can be either correctional wave “B” followed by a downward FZR or another breakout of the high, increasing the wave level of the bullish wave.

Today’s news (Dec 15^th –GMT):

9.30GMT – UK - Jobless Claims Change, Claimant Count Rate, Average Earnings

11.00GMT – UK - CBI Distributive Trends Survey

13.30GMT – US - CPI, Core CPI, Empire State Manufacturing

14.00GMT – US - Net TIC Flow, Net Long-term TIC Flows

14.15GMT – US - Industrial Production, Capacity Utilization

15.30GMT – US – Crude Oil Inventories

 

 

Support and resistance levels:

1.5909 - FZR

1.5883 - 88.2% + MF pivot

1.5864 - 76.4%

1.5840 - 61.8%

1.5800 - 38.2% + MF pivot

1.5762 – the current price

1.5737 - FZR

1.5717 - 111.8% + 50% + MF pivot

1.5698 - 123%

1.5674 - 138.2% + 61.8%

1.5634 - 161.8%

1.5610 - 176.4% + 76.4%

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