Although falling back into recession early this year, the British economy recovers while tensions reborn in the eurozone.

Long-term rates rise, threatening to downgrade by Moody's, significant contraction in Q3 and social tensions, Spain is in the crosshairs of investors. The government has published its budget for 2013, which favors lower spending rather than higher taxes, as well as several reforms to reassure the financial markets. This renewed hope could be short-lived while Madrid does not always ask the help of Europe.

In contrast, the horizon seems clear in Britain. Statistics exceed the expectations of economists. In addition, during the last meeting of the central bank, nine members of the Monetary Policy Committee voted unanimously to maintain the status quo rates and program of asset purchases to 375 billion pounds.

Graphically, the Sterling operates near its highs for 4 years against the euro. The long-term trend is expected to continue in the coming months, especially if the European situation does not release quickly. The announcement of the Spanish budget should allow us to obtain a more attractive price to sell around GBp 80 to target a primary objective : the historical support of GBp 77.70.