Forex news, pound rate. In December 2011 the drop of manufacturing sector activity slowed down, according to the poll held by Markit/CIPS. December has demonstrated the rise of PMI index to 49.6 points versus 47.7 points in November, whereas December forecast amounted to only 47.3 points.
Following a steady decline for several last months, manufacturing sector remained stable in December. According to David Noble, Chief Executive Officer at Royal Institute of Purchasing and Supply, British manufacturing sector is highly dependent on the situation in Eurozone in general and demand from European exporters in particular. Mr. Noble supposes that the future of British manufacturing sector depends on successful solution of EU economic problems.
Pound rate has started implementing bullish scenario regarded in the overview dated 02/01/2012. According to the experts of the Department of Мasterforex-V Trading System, GBPUSD currency pair has finished forming sub-wave С or 3rd sub-wave within bullish wave А/В. Sub-wave A or 5th sub-wave will start within Elder’s Hound MF when the maximum of 1.5668 is passed. The nearest resistance will be provided by pivot MF 1.5690, external sloping channel MF and Fibonacci points 1.5700, 1.5762, and 1.5780. Bullish trend will be over when bullish sloping channel MF and pivot MF 1.5481 are passed.
