According to Markit/CIPS UK Services PMI report, the activity in the Great Britain’s service sector increased in March 2016. This means that Markit Economics and CIPS conducted joint research and released the results in the form of a report.
The representatives of British companies participating in the survey showed reserved optimism, the report says. To be more specific, Markit/CIPS UK Services PMI came in at 53.7 points in March 2016 as opposed to February’s 52.7 points. The actual figures matched economic forecasts.
By the way, the index is still above 50 points, which means a positive overall tendency. However, it is below the long term average of 55,2 points. Apparently, the index gained value thanks to the growth shown by its components. New orders kept on growing. However, the pace of growth slowed down to the lowest level since January 2013. As for the rate of employment in the service sector, it also showed positive dynamics, though the pace of growth turned out to be below the tendency seen over the past 39 months. Still, the experts believe that the overall bias is moderate despite being optimistic. The thing is that there is cautiousness driving the sector at this point as a part of the overall sentiment in the UK economy.
FOREX
Masterforex-V Academy experts report that the British Pound is still going down against the U.S. Dollar. To be more specific, the currency pair is moving down within the scope of wave A/B of level Daily. If to dive deeper into the wave structure of the move, we can see that the price is going on with sub-wave 3/C of the bearish move.
The closest levels of support are 1.3995/92, 1.3914, 1.3835. A break above MF pivot 1.4321 and the top of the MF sloping channel is going to put an end to the existing move.
