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  1. #1
    Legendry Member milos's Avatar

    Official Bank Rate !!!

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    The Bank of England kept its benchmark interest rate in October at the level of 0.50%, which was in line with economist forecasts.

    The Central bank also does not change the program purchase of bonds in amount of 375 billion pounds per month.

    Currency pair GBPUSD during the previous trade recorded the bottom at 1.59100 and then it consolidated at 1.59500. It will find support at 1.58800 and resistance at 1.60000.

    Sterling fell against the euro and the franc and the yen against recorded growth. EURGBP jumped to 0.84800. GBPCHF dropped to 1.45100. GBPJPY climbed to 156.04.

  2. #2
    Master Member Bogdan G's Avatar
    But why is 1.6000 resistance? Any broken support automatically turns into resistance? I dont think so.
    Also, the previous support was a zone between 1.6000 and 1.6015 (double bottom at 1.6015)
    1.5880 is support, agreed
    Last edited by Bogdan G; 10-10-2013 at 07:19 PM.

  3. #3
    Legendry Member milos's Avatar
    Pound is overvalued. It will be dropped very soon.Below 1.58

  4. #4
    Legendry Member milos's Avatar
    Quote Originally Posted by Bogdan G View Post
    But why is 1.6000 resistance? Any broken support automatically turns into resistance? I dont think so.
    Also, the previous support was a zone between 1.6000 and 1.6015 (double bottom at 1.6015)
    1.5880 is support, agreed
    Bogdan you are right. I agree with you about resistance of 1.60150. I am expected decline below 1.58. By my opinion 1.55-1.57 is real exchange rate. Euro is overvalued too. Real exchange rate 1.32-1.34. Euro and pound are stronger against the US dollar because the strike in US so investors decided for the euro and the pound.

  5. #5
    Master Member Bogdan G's Avatar
    Yep, I agree and I am bearish too on both of them. But a lot depends on the US crisis.

  6. #6
    Veteran Member hchandra's Avatar
    agreed with the view,
    18 September candle is the key, below this candle are "big hands",
    for me first resistance is 1.5960 (Near close of previous 2 days)
    1.5680 - 1.5740 on weekly chart (Broken resistance) will become mid - long term support.

  7. #7
    Legendry Member milos's Avatar
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    The British pound moved similarity to the euro against the US dollar. After a sharp decline during yesterday’s afternoon hours and lowering the minimum weekly. British currency was restarted growth.

    Great uncertainty about agreement on the budget in the US destabilized the financial markets and caused great turbulence. Following the agreement reached by the dollar began to fall as the positive impact of the currency pair GBPUSD.

    It was published positive economic data for the British pound today. Retail sales rose in September to 0.6% from minus 0.8% in the previous month. Economists had expected growth of 0.5%.

    Recent reports have shown that the number of applications for unemployment benefit fell to the lowest level in 16 years, while retail price inflation exceeded forecasts.

    Key levels
    1.615 resistance
    1.612 resistance
    1.608 resistance
    1.608 last
    1.598 support
    1.593 support
    1.590 support

  8. #8
    Legendry Member milos's Avatar
    The Bank of England decided to maintain the current monetary policy.The Bank of England kept its benchmark interest rate in November to a record low of 0.50%, which was in line with the forecasts of economists.

    The central bank also did not change monthly bond-buying program in the amount of 375 billion pounds.

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