The British delegation led by John Vincent Cable, the Business Secretary in the coalition cabinet of David Cameron, is currently on a 3-day visit to Moscow.
According to Mr. Cable, the United Kingdom is interested in expanding the economic relations with the Russian Federation, which has big potential for both trade and investment. Some British energy and hi-tech companies successfully work in Russia while over the last year the British export to Russia has increased by 35%. And it is only a part of the entire big-scale bilateral cooperation program, Mr. Cable says.
At Forex the British Pound currency rate keeps staying close to this week’s lows.
According to experts from the Department of studying Masterforex-V trading system , GBPUSD has already formed a bullish wave which may turn into wave 1 of a potential uptrend.
At this point there is a “Moment of Truth” being developed for the 1st wave. It implies 2 scenarios: a retracement for wave B with further going for a correction to the entire bearish wave started at 1.6082 or a breakout of the low with going further along with the downtrend through “the Hound of the Baskervilles by Elder/MF”.
There are no news releases that can influence GBP currency rate today.
Levels of support and resistance:
1.5940 - 323.6% + 61.8%
1.5898 - 261.8% + 50%
1.5857 - 200% + 38.2%
1.5806 - 123.6% + 23.6%
1.5790 - FZR
1.5746 – the current price
1.5739 - 123.6% + 76.4%
1.5723 - FZR
1.5681 - 261.8% + 111.8%
1.5640 - 361.8% + 123.6%
1.5586 - 138.2%
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