07 December 03:27 AM
According to the latest announcements of various BoE representatives, the slow pace of economic recovery and high inflation level are balanced.
In December the monetary and credit policy will probably stay unchanged. Among this week’s news releases, Manufacturing Production Index (MPI) is going to be the main focus of the market because of the recent announcements that in the 4th quarter the index showed a firm start, indicating that the pace of PMI growth is not slowing down.
In the meantime, the British Pound currency rate keeps growing at Forex. According the Department of studying Masterforex-V trading system , the downward correction b(C ) is completed and is 50% of H4. A breakout of the high will initiate the formation of wave c (C )H4, otherwise the price will start retracing against the whole H6 bullish wave started at 1.5483.
Today’s news (GMT):
09.30 GB - Industrial Production, Manufacturing Production
15.00 US - IBD/TIPP Economic Optimism
20.00 US - Consumer Credit
Support/Resistance levels:
1.5957 - 161.8% + 261.8%
1.5891 - 138.2% + 223.6% + MF sloping channel
1.5851 - 123.6% + 200% + 61.8%
1.5816 - 200% + 111.8%
1.5786 - FZR
1.5749 – the current price
1.5704 – MF pivot
1.5654 - FZR
1.5638 - 111.8% + 50%
1.5604 - 138.2% + 61.8%
1.5553 - 176.4% + 76.4% + MF sloping channel
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Text: Sergey Panchuk, an expert of the Department of studying Masterforex-V trading system
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