BOSSA.CZ (BOSSA.CZ)
Markets  |  January 25, 2013 10:20:00

Britanny threatens third recession in four years


British gross domestic product in the last quarter of 2012, according to preliminary data, fell by 0.3 percent. Failed to complement the successful third quarter, when the economy grew at a 0.9 percent growth. The report mainly hit David Cameron's Conservative government, which still saving steps yesterday defended his government, for which he was criticized by the International Monetary Fund (IMF).

The greatest credit for poor outcome GDP is 10.2 percent decline in the mining sector. The decline was caused by the poor results of industrial production, which declined qoq by 1.8 percent. The services sector, which consists of 3 GDP stagnated in the last quarter. Compared to the third quarter is not entirely accurate, because there the British economy experienced growth mainly due to the Olympic Games. Britain is in danger of recession in the third period of four years.Central Bank chief Mervyn King of Great Britain nor expect miracles this year. His opinion supported the IMF, which worsened the UK economy growth forecast for 2013 from 1.1 percent to 1 percent.

Currency pair GBP / USD holds its downward channel. After today's bad news about GDP, it is possible that we will see continued sales. At 4 hours chart are bullish divergence that might send sterling slightly upward to the upper limit of the channel.


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