The European Commission experts expect the UK economy to show some growth. Despite higher consumer spending, the UK GDP is expected to grow only 0.5% (not 0.6%). However, the economic forecast for 2013 is improved form 1.55 up to 1.7%.
Despite the overall uncertainty in 2012, the experts assume that the economic growth will be supported by higher salaries and wages and better consumption amid more stable British export markets.
The GDP forecasts provided by the OBR slightly exceed those provided by the European Commission (+0.8% in 2012 and +2% in 2013).
Forex.
According to , The Euro currency keeps showing weakness against the US Dollar. GBPUSD is forming wave А(С)/С inside the bearish wave А/В of wave level Daily. The closest major levels of support are 1.6054, 1.6012, 1.5995, 1.5978. The current downswing will be completed if the price breaks and consolidates above 1.6181 (as shown below):
