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Home / Analytics / Forex analysis & forecasts / Forex Fundamental analysis / The Pound is still being sold. Overview for 05.05.2016
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The Pound is still being sold. Overview for 05.05.2016

Sales in the GBP/USD pair are still significant; the complicated statistics just “adds fuel to the flame”.

The British Pound is in the market bears’ “limelight” for the third consecutive day. The current quote for the GBP/USD pair is 1.4454.

For the British Pound, it’s easy to get into bearish sales and very difficult to get out of them. Today’s statistics was another reason to ramp up the pressure of the Pound. According to the published data, business activity index in the services sector in the UK in April decreased up to 52.3 points against the predicted number of 53.5 points and 53.7 points previously. This stat is very important for understanding what is going on in the tertiary industry of the United Kingdom as it provides guidance on global sentiments and helps to estimate approximate labour work load in the service sector. However, this indicator hardly influences the GDP.  

This statistics turned out to one more piece of the puzzle describing the overall picture of the weak manufacturing sector and tertiary industry in the UK. Today’s report was the most unimpressive over the last three years, and as a result, investors became concerned.

Probably, at the moment the British Pound is going to respond to all most insignificant statistics, because no one is waiting from the BoE for any signals, which may alter the mid-term perspective.

In this light, the GBP/USD pair may move into the area of strong support at 1.44.
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