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Coming Decisions of the Bank of England will Cast Further Pressure on GBPUSD

04 July 06:15 AM

Forex news, GBPUSD. This June British manufacturing sector keeps showing reduction in its activity. Despite the fact that ISM index still remains within negative zone (below 50 points), this June it has amounted to 48.6, which is higher than expected by economists (47.4).

According to Senior Economist of Markit Rob Dobson, despite rising production in June, economy has generally decreased in comparison to the first quarter.

This is very topical on the eve of the meeting of Monetary Policy Committee on Thursday. Economists expect further measures on watering-down of monetary policy, and the Bank of England has already claimed to continue economic stimulation by means of expanding programs of quantitative easing, as the reserve of reducing interest rate has already run out.

According to economists, if at the end of the week the Bank of England decides to continue economic stimulation, it will take a decision to increase the program of buying assets by ₤50 bln., to ₤375 bln.

GBP keeps forming correction to long-term trend, directed at weakening USD. According to the experts of Masterforex-V Trading System , GBPUSD currency pair has finished forming Daily bullish wave А/В. If local high 1.5720 is broken, bullish wave А(С) or reduced Daily2 wave C will be formed; this fact will be proved by breaking pivot MF 1.5732 and high 1.5776. If low 1.5484 is broken, sub-wave А(С)/С will be formed within Daily2 bearish wave А/В, with closest support being provided by pivots MF 1.5475 and 1.5403.

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Text: Eduard Culchenko, expert of Masterforex-V Trading System

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