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Home / Analytics / Forex analysis & forecasts / Forex Fundamental analysis / The Pound is being sold. Overview for 04.05.2016
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The Pound is being sold. Overview for 04.05.2016

04.05.2016
In the middle of the week, the GBP/USD pair is trading downwards; the statistics published in the afternoon don’t add any optimism.

On Wednesday, the British Pound continues retreating. The current quote for the GBP/USD pair is 1.4503. The statistics from the USA published in the evening hasn’t worked in favor of the Pound yet.

The daily statistics from the UK was quite weak. The business activity in the construction sector in April reduced up to 52 points against 54.2 points previously. The predicted number was 54 points, but the reality is much tougher. The price hasn’t reached psychologically-crucial number of 50 points, but the market is already becoming concerned. Today’s number of the business activity in the sector is at its three-year lows.

This stats usually provides insight into what is happening in the business climate and about overall sentiments, but has little influence on the GDP and doesn’t put pressure on allied sectors. As long as the number is above “breakwater” of 50 points, it won’t influence the sales in the GDP/USD pair.

So, yesterday the pair touched its local high at 1.4770, but lacked enthusiasm to go any further. During the next several days, the market will decide on the short-term direction by analyzing the entire flow of signals. It’s highly likely that the market conditions will be against the British Pound.
 
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