British Pound Sterling (£) / US Dollar ($) (GBPUSD)
British Pound Sterling (£) / US Dollar ($) (GBPUSD)
Economist Shayne Heffernan of www.livetradingnews.com takes a look at GBPUSD
The British Pound keeps weakening against the US Dollar. The experts report that GBPUSD is still forming a bigger-scale downswing.
The closest levels of support are 1.5972, 1.5915, 1.5899.
The current bearish move will be completed as soon as the price overcomes the top of the MF sloping channel and consolidates above 1.6215
The IMF predicted the economy will shrink by 0.4% this year – a downgrade from three months ago, when growth of 0.2% was predicted for the year.
But David Cameron rejected calls for a change in the Government’s economic strategy.
“What we need in Britain is not plan B – which is more borrowing,” he told Sky News.
“How can you borrow your way out of a debt crisis if the problem was created by too much spending, too much borrowing, too much debt?
“What we need is what I call Plan A+. We need to keep our plans – difficult though they are – to cut public spending and deal with the deficit.
“But we need to add to that every measure that business has been asking for, and that’s what we’re doing.”
The IMF also cut its forecast for economic growth in the UK next year from 1.4% to 1.1%.
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Heffernan Capital Management
Linda Johnson,
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Shayne Heffernan Ph.D.
Economist/Hedge Fund Manager
Shayne Heffernan oversees the management of funds for institutions and high net worth individuals. He is also an active consultant working with Corporations around the World.
He is recognized as one of the leading Economists in South East Asia, as well as the preeminent authority on ASEAN. His opinions and forecasts are widely read by decision makers in the region and Internationally.
Shayne Heffernan holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reached a peak of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.
Member
Chinese Society of Economists
American Economic Society
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