Forex news, pound rate. Despite all difficulties faced by Great Britain as a part of European debt crisis, in the 3rd quarter of 2011 the country managed to restore its economic indicators as a result of store building.
During this period GDP of the United Kingdom has increased by 0.5% in relation to both, the indicators during the 2nd quarter and last year indicators during the equal period.
Household expenditures have dropped by 1.5% during the 3rd quarter of 2011 in relation to the equal period in 2010, but remained at the same level as during the 2nd quarter of 2011.
Industrial production has been reconsidered and lowered by 1%- up to 0.4% during the 3rd quarter of 2011. Service sector has also dropped by 1% (up to 0.6%). However, building and construction sector indicators have increased by 0.2%.
Despite the success of British economy, the Department of Statistics is not very optimistic about whether positive indicators will stay afloat during the 4th quarter of 2011.
The rate of British pound still remains within a long-term bear wave А/В, forming the 3rd sub-wave С or wave С(С). At present В the 4th sub-wave or sub-wave В(С) of lower timeframe is being formed within its structure. Experts of the Department of Masterforex-V Trading System pay attention to the fact that the 4th sub-wave can only be formed only on condition that sloping channel MF and level 1.5690 are not passed and AO indicator amounts to below 0.0067 at Н1 timeframe. The 5th sub-wave or wave A of Elder Hound/MF will pass the minimum of 1.5422. 1.5405, 1.5391/79, 1.5350, 1.5290, and 1.5271, which were issued in the overview dated November 25, 2011, will remain the main targets. The bear trend will be over when the rate gets to the right side of the sloping channel MF and passes pivot MF at the point of 1.5690.
