Helena Izotova
Traders and investors are still concerned about when the Bank of England is going to raise interest rates. At this point, the central bank underlines that the pace of unemployment decline has accelerated. This means that interest rate hikes ma be implemented much earlier than 2016.
The BOE report the unemployment rate is declining faster than expected in august. At that time, the bank postponed the topic till the rate of unemployment declines down to at least 7%. The October MPC meeting minutes show that the unemployment may decline down to acceptable levels until the end of 2013.
Meanwhile, according to Masterforex-V Academy, the British Pound keeps strengthening against the US Dollar. The experts report that GBPUSD is forming wave А/B inside a big-scale upswing represented by wave А/В of level Weekly.
A further rally (above) will probably encounter resistance around 1.6290/98, 1.6431, 1.6518. The current bullish move will be completed as soon as the price overcomes the bottom of the MF sloping channel and consolidates below1.5897 (as shown below).
Helena Izotova
