FX.co ★ GBP/USD Forecast for October 29, 2012

Providing the factor of safety based on the Thursday’s rise, the British pound has dropped a little more than the euro. However, it did not change the uptrend. At 13:30 (UTC+4) Consumer Credit data for October is released. Net Consumer Spending is forecast to be 0.6bln pounds higher against 0.4bln drop in September. Mortgage Approvals are expected to be 49K against 48K.
Amid the Japanese government approved a $5.3bln economic stimulus package of subsidies and tax grants on Friday, Retail Sales rose 0.4% y/y (vs. 1.0%-1.3% forecast) the beginning of the week was marked by positive outlook on the Asian markets.
Targets are seen at the levels of 1.6120, 1.6143. On the H4 the price may be stable for some time.