British businesses are reported to have expressed low confidence in the local business conditions this month. This is confirmed by the results of the recent survey conducted by BDO. The interviewees expect a major slowdown in the local production growth.
The business optimism index is reported to have reached the lowest level since 2013. The researchers also indicate that the representatives of British business, who participated in the survey, expect the pace of production growth to dive below the long-term average.
This time, the researchers state that the existing problems in the global economy represent the key factor affecting the business optimism in the United Kingdom. In particular, British producers are concerned about the deteriorating economic situation in China, the world’s second-biggest economy to date. On top of that, unstable, volatile and unpredictable international markets are also adding fuel to the fire, they say. Crude oil is one of the key concerns. By the way, all of these factors combined keep on contributing to the uncertainty regarding the forthcoming referendum on Great Britain’s EU membership.
FOREX
In the meantime, Masterforex-V Academy reports that driven by the negative dynamics mentioned above, the British Pound is still losing ground against the U.S. Dollar.
GBPUSD is now developing a bearish move – wave A/B of level H4, the experts say. At the moment the overview is being written, the price is moving within the scope of a junior wave – wave b(C ) inside the bigger bearish wave. The key levels of support are located at 1.4350 + 1.4243 + the bottom of the ascending MF sloping channel. The current downtrend will be completed as soon as the price breaks above the top of the descending MF sloping channel and pivot 1,4546.
