The UK economic news for yesterday were almost positive, as the consumer confidence and the retail sales data increased sightly, which confirms the recover of the UK economy during the second quarter of this year.
And the hosing sector recovered significantly and the ho me prices rose more than 11% during this year which may push the bank of England to hike its interest rates in the first quarter of 2015.
Concerning the US economy, the initial jobless claims declined by 19 thousands demands hitting its lowest level in 8 years and recorded 284 thousands during the last week,while the new home sales for the month of June decreased.
So the market has witnessed the release of mixed data which did not give us a clear image about the first worldwide economy.
The pound dollar retreated and broke through the first trend level to the downside, and now the pair is in process to hit the second trend which corresponds to the simple moving average 100.
Also the MAC D and the Stochastic indicators confirm further decline of the prices toward the main targets stated in our daily newsletters.
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