According to the recent report published by the Office for National Statistics (ONS), Great Britain’s trade deficit widened in October 2015 amid an import hike almost to the highest point of the year. More specifically, the trade deficit figures increased from 1.1 billion pounds in September 2015 all the way up to 4.1 billion pounds in October 2015.
According to the same report by the ONS, the U.K. increased its import of chemicals, crude oil and industrial goods over the same reporting period, which is one of the major reasons for a wider trade deficit. It should be noted that the British import volume in the UK-EU trade relations reached another record. Another reason is that British export kept on shrinking over the same reporting period. Great Britain’s industrial sector is seeing the lowest pace of production growth. This is one of the major consequence of lower export.
Forex
Meanwhile, Masterforex-V Academy reports that the British Pound keeps on going down against the U.S. Dollar within the scope of a long-term trend. The closest major levels of support are the 1.4894 low as well as MF pivot 1.4887, 1.4736/26. A break above MF pivot 122.22 as well as the the top of the descending MF sloping channel will put an end to the current price move. The closest major levels of resistance are MF pivot 1.5158 as well as the the top of the descending MF sloping channel.
