Nataly Kambur
The UK unemployment hits the record. Last month the amount of the unemployed youth (age 16-24) increased by 67.000 and reached 1.016.000 people. The rate of unemployment has reached the record level of 8.3% (2.26M people). That is a big increase since 2010 (7.9%).
The inflation stats cannot reassure as well. The Bank of England expects the rate of inflation to reach -2% by late 2012. However, some experts say the rate is underestimated and is going to exceed the forecast.
Meanwhile, GBPUSD is in long-term downtrend and has just reached some of its targets stated in the outlook for Nov 16th 2011. The Department of Masterforex-V Trading System reports that the bearish wave C(C ) is about to be completed. A break below the 1.5690 low will initiate wave A inside the “Hound of the Baskervilles” pattern by Elder/MF or sub-wave 5 inside C, with support around 1.5612, 1.5594/81. A rally will take the form of the 4th sub-wave inside wave C if the price doesn’t break 1.5868.
A change of trend will be confirmed once there is a break above the MF pivot 1.6091.
Nataly Kambur
