01, March 2013

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

GBP/USD торгуется около 1.5170, и может вырасти к линии сопротивления в районе 1.5280. Поддержка - 2.5 летний минимум, достигнутый несколько дней назад на 1.5068.

An updated analysis of GDP confirms that the UK is on the brink of triple recession.

The updateв esteemate confirms 0.3% declibe of UK GDP in Q4.

UK economy fell by 0.3% in Q4 2012 and now it separates only one block from the entrance to the triple technical recession.

Private consumption increased by 0.2% in the 4th quarter, after 0.3% growth in consumption in the 3rd. Exports fell by 1.5% in comaprison to the fourth quarter, while government spending rose by 0.6%.

In February, the head of Bank of England Mr.King said that a recovery is expected and the growth will be in the nearest future.

Meanwhile, NIESR cut its growth forecast in 2013 to 0.7% in February. Attention will be focused now on the current quarter. If the UK economy shows positive growth, it could be considered positive for the GBP.

Yesterday's release was close to the estimate given before therefore did not have a strong impact on the currency.

GBP/USD is trading around 1.5170 and it can grow up to the line of resistance around 1.5280. The support level is 2.5 year low reached a few days ago at 1.5068.