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Monday, 30 November 02:09 (GMT -05:00)

Foreign exchange market

GBPUSD: UK Finance Minister Makes Economic Forecast




According to George Osborne’s speech made in the British parliament yesterday, the UK GDP will increase by 0/8% in 2012. The rate of inflation will reach 2.8% in late 2012.






He says the UK government the budget deficit to decline down to 7.6% of GDP by 2013. The current deficit is equal to 11%.
It should be noted that on March 14th 2012 Fitch Ratings confirmed Great Britain’s AAA rating, which is the highest ultimate one. The major reason is the government’s major breakthrough in budget reducing the country’s deficit. However, the forecast was changed to negative because the UK authorities don’t have enough funds to neutralize possible economic shocks.
According to the Department of Market Volume Analysis of Masterforex-V Academy, the price of the GBPUSD futures contract is fluctuating with a price range after testing 1,5887 (1,5896 Forex). If the price does succeed in overcoming the level of resistance, it will get a chance to rally up to 1,5900 (1,5909 FX), 1,5950 (1,5959 FX).  The closest major level of support is 1,5840 (1,5849 FX). If the bears succeed to break below it, there may well be a trend reversal with targets around 1,5821 (1,5830 FX), 1,5800 (1,5809 FX), 1,5750 (1,5759 FX) and 1,5716 (1,5725 FX).




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