According to the recent report published by the Office for National Statistics, the U.K. construction sector continued its negative dynamics as of March 2016, for the 3rd consecutive month. This leads us to believe that the the tendency has been underway since the start of the year, Market Leader reports.
To be more specific, the construction volume in Great Britain shrank by 3.6% over the reporting period. For the sake of comparison, the previous reporting period showed a smaller decrease, only 0.9% in 4 weeks. As for the year-over-year dynamics, the figures came in with a wider gap – 4.5% this time versus 0.4% a month before.
At the same time, they revised the preliminary British GDP figures. As the result of this revision, the year-over-year growth turned out to have shrunk by 1.1% instead of 0.9%
FOREX
Masterforex-V Academy reports that the British Pound keeps on strengthening against the U.S. Dollar within the scope of a mid/long-term rally.
On breaking above the 1.4770 high, the currency pair is going to continue its way up to new highs. If that’s the case, the next major levels of resistance are going to be represented by the top of the descending MF sloping channel and Fibo levels 1.4882, 1.4934/51, 1.5033/63.
For now, the major levels of support are represented by the bottom of the ascending MF sloping channel and MF pivot 1.4131.
