The British authorities keep pursuing their anti-crisis policy, which includes budget spending cuts and various economic stimuli.
George Osborne, British Finance Minister, underlined that in the future the government wouldn’t want to be the guarantor of debts for major UK banks. Fitch rating agency instantly downgraded the ratings of Royal Bank of Scotland and Lloyds Banking Group Plс by 2 levels down to «А».
David Cameron says that 40% of the UK export is imported by other EU countries and that the UK government is going to take all the steps necessary to keep the eurozone crisis away.
In August 2011 the British export gained 0.6%, thus reaching £25,541B, which are the best figures since 1998. However, some British experts are convinced that the economic slowdown in the EU and US is seriously curbing the UK’s external trade.
Despite the pessimistic forecasts, the UK government has finally approved the “Clare Ridge” oil-and-gas project offered by British Petroleum and other 3 major oil companies. The investment is equal to £4B. David Cameron is sure that the project will help to stimulate the economy and will increase the country’s employment.
The analysts of Nomura bank are sure that the UK’s QE2 will have a positive impact on the UK economy and the British Pound.
According to the Department of Masterforex-V Trading System , GBPUSD is moving within a short-term price range. It is probably forming wave B(C ) H1. After breaking the local low 1,5796, GBPUSD will keep forming the bullish mid-term wave C. The Fibo levels 1.5849 and 1.5948 are still the closest levels of resistance. A break below the MF sloping channel and pivot (1.5582) will complete the rally , thus initiating a downswing – wave A/B.
