Great Britain's construction sector is currently showing a slowdown. This is confirmed by the results of the latest joint survey published by Markit and CIPS in late February. At the same time, the local construction companies are going pessimistic over the near-term prospects of the local construction sector. The Construction PMI dropped from 55.0 points in January down to 54.2 points in February. At the same time, the experts had expected a rally up to 55.5 points over the reporting period, which didn’t happen. This leads us to believe that the actual figures filed to match the expectations.
Anyway, the readings are still below the 50 level, which is a positive sing despite the slowdown, Masterforex-V Academy experts report. At the same time, it should be noted that the February readings have been the lowest ones over the last 10 months. For now, we know that the residential property niche has been the biggest winner among the entire construction sector.
FOREX
In the meantime, Masterforex-V Academy reports that the British Pound has been going down against the U.S. Dollar within the scope of the same long-term downtrend. GBPUSD is going down within the scope of wave a(C )/C of level Monthly2.
More specifically, the currency pair is forming a minor wave – wave 3/C of the downtrend. We also know that the move is going to be completed as soon as the price breaks above MF pivot 1.5818 and the top of the descending MF sloping channel. At the same time, the closest levels of support are located at 1.3654, 1.3503, and 1.3562.
