The UK authorities are reported to have improved their predictions for the national economic growth in 2014 and 2015. In particular, Market Leader reports that this info was revealed by George Osborne, the UK Minister of Finance. The statement was made within the scope of his speech made in front of the Parliament.
In particular, the current year is expected to bring a GDP increase of 3% instead of 2,7% expected perviously. It means that the economic forecast has ben improved. As for the next year, the forecast is 2,4% verse the previous expected performance of 2,3%.
Meanwhile, the British Minister of Finance reiterates that the British economy is currently subject to more stationed and balanced growth. On top of that, the UK is currently the leading developed economy in terms of the GDP growth rate, which is a good sign for GBPUSD bulls.
Indeed, Masterforex-V Academy reports that the British industrial production has reached the 4-year high. This acceleration took place in November, thereby improving the domestic demand. This information is confirmed by the latest PMI calculated by Markit Economics. The index improved from 53,3 points up to 53,5 points over the reporting period. At the same time, a value above 50 indicates strength.
Forex . GBPUSD
Well, as far as the British Pound is concerned, it couldn’t but react to imported economic start coming from the UK. Apparently, the British currency gained some value against other majors, including the US Dollar, its biggest counterpart.
The expert members of Masterforex-V Academy assume that GBPUSD is currently forming an upswing represented by wave A/B of a senior wave level (at this point, it is a little bit difficult to specify it). It seems like the current rally may eventually become a game changer for the currency pair, thereby reversing the price and putting an end to the recent long-term downswing seen in the market of GBPUSD.
For now, the following levels should be watched closely when considering Forex trades:
Support: 1.5697 the bottom of the MF sloping channel.
Resistance: 1.5756 + 1.5763 + 1.5785, 1.5807,1.5838.
