The GBP/USD pair managed to gain a foothold on Monday after a strong report on UK PMI.
The British Pound is rising on Monday. The current quote in the GBP/USD pair is 1.5463. In general, the pound is moving up in tandem with the US dollar for the fifth consecutive session.
Today it became known that manufacturing activity in the UK in October increased at the fastest pace in 16 months. The Purchasing Managers Index PMI in the last month rose to 55.5 points against 51.8 in September. The forecast also assumed a reduction to 51.3 index points. The indicator is corrected according to the seasonal factor, which gives it greater objectivity.
In the components of the report show a visible support to expand the number of orders and increased production volumes. A positive aspect is the fact that the number of export orders is increasing. At the same time companies are hiring staff - the indicator of employment in the manufacturing sector is growing for thirty months in a row. In this surely positive report there are of coarse some weak spots. The reduction in selling prices, for example, but in the general outline it is not too noticeable.
The British pound has reacted to the publication of the active growth in the release. Some emotions have subsided, purchases declined, but growing momentum remains in force.
RoboForex Analytical Department
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