The unemployment report published by the UK’s Office for National Statistic reflects the country’s economic slowdown and the consequences of spending reduction. November’s report showed the highest level of unemployment since 1994.
During Sep-Nov 2011 the British unemployed army expanded by 118K people, thus reaching 2.68M people. The amount of jobless claims grew by 1200 up to 1.6M people. According to the preliminary survey conducted by Dow Jones Newswires, the amount of jobless claims is expected to grow by 8500.
FOREX.
In the meantime, GBPUSD keeps forming an H8 upswing, the experts of the Department of report. They underline that the major downtrend will be continued until the price breaks above the MF pivot and sloping channel (as shown below).
