07 June 10:00 AM
Forex news, GBPUSD. On Wednesday positive dynamics of GBPUSD has been provided by investors’ expectations of May PMI index being higher than predicted. However, the actual value of PMI in May amounted to 54.4 points, following 55.8 points in April; this is slightly lower than expected 54.5 points. As expected by dealers, the rise of GBPUSD currency pair was stopped at 1.5510 selling point.
Pound dynamics has also been influenced by up to 1.5% upturn in inflation in May, in comparison to the value in May last year when April value amounted to 1.3%.
The value has risen due to price rise for food commodities (by 4.3%), whereas, excluding the price rise, inflation has dropped by 0.1% in May, in comparison to May last year when April decline amounted to 0.5%.
GBPUSD has started mid-term correction to mid-term trend, which is directed at decline. According to the experts of Masterforex-V Trading System , AO index shows first signs of finishing bearish wave А(С) or reduced wave С of Weekly level. Such idea will be proved by breaking sloping channel MF and pivot MF 1.5715, which are the closest significant resistance points on the way of GBPUSD to further rise. Bearish trend will be continued by sub-wave А(С)/С if the minimum of1.5267 is broken; closest support is provided by minimal point 1.5233 and Fibonacci point 1.5023.
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