According to the latest report, the British manufacturers’ sentiment has been the lowest in 3 months. Lower demand is one of the reasons. Nevertheless, during the next 3 months foreign orders are expected to grow, thus increasing production volume. Still, the overall picture looks gloomy.
In the meantime, GBPUSD is implementing the bullish scenario given in the outlook for Jan 26th 2012. According to the Department of Masterforex-V Trading System , GBPUSD is currently forming sub-wave C(C ) inside wave A/B of Weekly. The closest targets are 1.5777/80, 1.5809/10, 1.5857, 1.5869. it is also necessary to pay attention to 1.5773 – the Mf pivot. A break below the MF sloping channel and pivot (as shown below) 1.5640 will complete the rally:
