According to the latest report released by Markit/CIPS, the U.K.’s construction sector saw higher activity in November. At the same time, the PMI dropped from 58.8 points in October to 55.3 points November. The actually figures also happened to be below the expectations of 58.2 points. We remind you that any value above the 50 level indicates growth while a value below it hints at the opposite process.
Still, in November, the index showed the worst dynamics seen over the last 7 months, Market Leader reports. If to ignore the decline seen this spring in advance of the election, November’s figures can be called the worst ones since mid 2013.
The slowdown has been seen across the entire construction sector, the report says. Residential property seems to be the biggest loser with the worst performance since mid 2013. On the other side, commercial property suffered least of all The corresponding index retraced a bit from the 8-month high set in October.
FOREX
Meanwhile, the British Pound keeps on weakening versus the U.S. Dollar, which means GBPUSD is going down as well. The currency pair is going down inside wave 3/C of level Daily3, Masterforex-V Academy reports. The price is still within the scope of sub-wave b(C ) of the downtrend.
The current wave will be terminated as soon as the price breaks above the top of the descending MF sloping channel and MF pivot 1.5335. Alternatively, the closest levels of support are located at the 1.4894 low as well Fibo levels 1.4887/71, 1.4834, 1.4736/26.
