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Along with the majority of expectations, the Cable developed in a rather bullish environment during the previous trading week, but temporary upward movements were sometimes changed by negative tendencies. The pair started the last week on monthly S1 support line at 1.5963, after a considerable drop in the end of week ended October 3 due to strong U.S. labor market data. However, since October 6 the British Pound rose to hit 1.6227 on Thursday, mostly on positive statistics from the United Kingdom. Property prices in the country rose more than expected in September, even though the general trend becomes less bullish. Moreover, the British gross domestic product is predicted to add 0.7% in the third quarter of this year. On the other hand, U.K. industrial production advanced less than estimated, which kept the Cable in a mixed environment on Tuesday. Meanwhile, the Bank of England decided to save interest rates and asset purchase facility's volume unchanged, which drove the Pound slightly to the south in the end of the week. Therefore, it closed at 1.6091 on October 10, right on the level of weekly pivot point.
During October 13-17 time period, Dukascopy Community members forecast the currency pair to lose value, as more than 68% of all votes are bearish for the current trading week. As predicted by traders, the Cable may close around the 1.5980 level this Friday. The vast majority of forecasts, however, are located above the 1.59 major level, meaning that any downturns should be short-term and quick. Market participants can pay attention to British inflation data on Tuesday and labor market statistics a day after. Among American news, core retail sales are expected to be published on Wednesday. Moreover, there will be a number of important speeches among FOMC members on Thursday and Friday.
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