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Saturday, 24 February 13:44 (GMT -05:00)



Foreign exchange market

Forex: GBPUSD


 

The UK’s manufacturing sector seems to have seen an activity slowdown in August. This is confirmed by the latest joint report published by Markit and CIPS. The analysts say that the service sector and domestic consumption are still playing the key role in the British economy.

 

 

 

At the same time, the British PMI dropped down to 51,5 points in August as opposed to 51,9 point seen 4 weeks earlier. Apparently, the latest figures disappointed the expert community since the analysts had expected an increase up to 52.0 points over the reporting period.

Despite the fact that the index is still in the expansion zone above 50, the dynamics can show us that the British economy is heavily dependent on domestic consumption and service sector growth. At the same time, the latest PMI figures give us to understand that the UK’s manufacturing sector is unlikely to let the British GDP capitalize on that in Q3 2015.
 
At the same time, the strengthening of the British Pound coupled with the never-ending collapse of oil prices resulted in the biggest salary cut in Great Britain seen over the last 16 years. Despite an increase in average prices, the rate of inflation is still below the 11-month high seen in July.
 
FOREX
 
Masterforex-V academy reports that the British Pound keeps on going down against the U.S. Dollar within the scope of a mid-term downtrend.  In particular, GBPUSD is currently forming a bearish wave – wave A/B of a big-scale level (most likely, Weekly). On September 2nd, the currency pair stayed within the scope of sub-wave a(C )/C of a the downtrend.

At this point, the closest levels of support can be found at 1.5190 as well as 1.5248, 1.5188, 1.5101/086. A break above 1.5818 (the current MF pivot) as well as the top of the descending MF sloping channel will indicate the end of the current bearish wave.
 

 

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