The pound is trying to recover
02.10.2015
On Friday afternoon, the GBP/USD pair is attempting to move away from another local minimum.
The GBP/USD pair is trading up on Friday. The current quote in the instrument is 1.5160. After reaching the local minimum yesterday at the level of 1.5100 this movement is well within a technical rebound.
Today it became known that the business activity in the construction sector of the British economy has grown considerably in September and amounted to 59.9 points on the index of purchasing managers. Markit and CIPS research shows that the improvement in the indicator is based on the increase in the volume of construction and the corresponding recruitment.
Now it would be interesting to look at similar data for the services sector. The non-manufacturing segment of the economy may be perceived by some as a leading indicator. It will be released this coming Monday. If figures are to be better than expected and previous calculations, the data on British GDP in the third quarter can be positive.
It is important that any such positive trend gains a foothold and gets confirmed; otherwise the market reaction will be empty. The Bank of England, among other things, is very closely watching all kinds of statistics.
In general, the pound is in a very difficult situation, and not far from the lows. It seems that the most interesting things are yet to come.
RoboForex Analytical Department
The GBP/USD pair is trading up on Friday. The current quote in the instrument is 1.5160. After reaching the local minimum yesterday at the level of 1.5100 this movement is well within a technical rebound.
Today it became known that the business activity in the construction sector of the British economy has grown considerably in September and amounted to 59.9 points on the index of purchasing managers. Markit and CIPS research shows that the improvement in the indicator is based on the increase in the volume of construction and the corresponding recruitment.
Now it would be interesting to look at similar data for the services sector. The non-manufacturing segment of the economy may be perceived by some as a leading indicator. It will be released this coming Monday. If figures are to be better than expected and previous calculations, the data on British GDP in the third quarter can be positive.
It is important that any such positive trend gains a foothold and gets confirmed; otherwise the market reaction will be empty. The Bank of England, among other things, is very closely watching all kinds of statistics.
In general, the pound is in a very difficult situation, and not far from the lows. It seems that the most interesting things are yet to come.
RoboForex Analytical Department
Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.