The UK’s Manufacturing PMI declined from 52 down to 51.2 points in February 2012. The production volume keeps growing. However, the current growth is of temporary nature. In order to support the positive tendency, an increase in manufacturing orders is needed. Unfortunately, there is no increase at this point.
FOREX.
According to the Department of Masterforex-V Trading System , GBPUSD has finished forming the bearish wave B(C ) against the long-term uptrend. A break below 1.5895 will trigger a bigger downswing. The closest levels of support are the MF sloping channel and pivot 1.5798, a break below which will confirm the bearish scenario. Once the price breaks above the 1.5991 high, the uptrend will be resumed, thus triggering wave C(C ) with targets around 1.6057, 1.6091.
