Edward Culchenko
In Nov 2011 the Bank of England’s MPC refused to expand the QE program, which remained unchanged (£275B) as well as the key interest rate (0.5%).
As for the British Pound, the analysts of Deutsche Bank expect that in the first part of 2012 the British Pound will be weaker against the US Dollar. The preliminary estimations suggest that during the first part of 2012 GBP/USD will go down to $1.5300 and during the 2nd quarter it will reach $1.5100. In late 2012 the currency pair is expected to recover up to $1.5700.
According to the analytic team of Commerzbank, the closest targets are $1.5463 and $1.5271. However, the strongest support is $1.5050.
Meanwhile, according to the Department of Masterforex-V Trading System , GBPUSD keeps hitting the targets given in yesterday’s outlook.The currency pair keeps developing the Hound of the Baskervilles patter by Elder/MF, elongating the downswing. The closest targets are 1.5484/74, 1.5449/43, 1.5405, 1.5391/79. The downtrend will be over if the price break above the defensive MF pivot (1.5690 ) and sloping channel (as shown below):
Edward Culchenko
