According to CBI data, the amount of manufacturing orders in the U.K. shrank in November as compared to the previous reporting period, Market Leader reports. At the same time, analysts are now talking about the high risk that Great Britain’s manufacturing sector may see a further drop in Q4 2015.
In particular, the balance value showed -11%, as stated by CBI in its latest release. However, the latest readings improved from the previous value of -18. Still, it failed to come up to the estimates since the experts had expected -10. At this point, we know that the major reason for the decrease was the fact that the export portfolio saw a decline. 40% of the respondents announced export cuts while only 11% of the respondents reported the opposite dynamics. As the result, the export balance saw the reading of -29%. It should be noted that November has shown the lowest value since January 2013.
FOREX
Meanwhile, it is reported that the British Pound been showing developing a mid-term rally against the U.S. Dollar. Masterforex-V Academy reports that GBPUSD is building a bullish move - wave A/B of level H12.
Key Levels:
Support – the 1.5335 high + 1.5444, 1.5496 + the top of the descending MF sloping channel
Resistance – MF pivot 1.5187 + the bottom of the ascending MF sloping channel.
