According to yesterday’s statistics on GB, the amount of the unemployment claims in October decreased unexpectedly against all the analytic forecasts.
The Bank of England’s policies aimed at priming of economy haven’t been changed. Most MPC* members suppose there is no need to further stimulate the economy.
In the meantime at Forex the British Pound currency rate shows a decline.
If on its way up the price fails to get over the MF pivot and the downward MF SC*, it will start shaping downward wave c (C ), indicating weakness of the British currency.
Otherwise GBPUSD will start the formation of an upward wave, either wave A of the senior timeframe or wave B against the previous bearish movement.
Forthcoming news (GMT):
09:00 EU - Current Account Balance
09:30 GB - Retail Sales, Public Sector Net Borrowing, Major Banks Mortgage Approvals, M4 Money Supply
11:00 GB - CBI Industrial Order Expectations
13:30 US - Jobless claims
Support/Resistance levels:
1.6190 - 76.4% А
1.6069 - 50% А + MF pivot
1.6052 - 61.8% а(С)
1.5939 – the current price
1.5810 - 23.6% а(С) Weekly
1.5738 - 161.8% А
1.5626 - 161.8% а(С)
MPC = the Monetary Policy Committee of the Bank of England
MF SC = Sloping Channel by Masterforex-V
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