The Pound is retreating despite the statistics. Overview for 22.11.2016
22.11.2016
The GBP/USD pair is falling on Tuesday afternoon; the British budget statistics couldn’t provide support to the Pound.
On Tuesday afternoon, the British Pound is falling against the USD. The current quote for the instrument is 1.2442.
The daily report on the UK’s budget couldn’t support the British Pound properly despite rather neutral numbers. So, the Public Sector Net Borrowing in the United Kingdom in October was -4.3B Pounds against expectations of -5.9B Pounds. The indicator has already been falling for several months and it’s a good sign.
The CBI Industrial Trends Orders in November improved significantly, from -17 points in October to -3 points this month. Market expectations were at -8 points. Obviously, the index is striving to zero or higher, and succeeding will mean that the country’s industrial sector has enough orders. Later, positive signals from the sector may provide support to the global Industrial Production indicator.
Right now, the GBP/USD pair is moving in the middle of two-month trading range. So far, there are no reasons to buy the Pound: as long as the United Kingdom is preparing documents and legally enforceable enactments for the Brexit and the market isn’t aware of all the nuances, the British currency will remain under pressure.
RoboForex Analytical Department
On Tuesday afternoon, the British Pound is falling against the USD. The current quote for the instrument is 1.2442.
The daily report on the UK’s budget couldn’t support the British Pound properly despite rather neutral numbers. So, the Public Sector Net Borrowing in the United Kingdom in October was -4.3B Pounds against expectations of -5.9B Pounds. The indicator has already been falling for several months and it’s a good sign.
The CBI Industrial Trends Orders in November improved significantly, from -17 points in October to -3 points this month. Market expectations were at -8 points. Obviously, the index is striving to zero or higher, and succeeding will mean that the country’s industrial sector has enough orders. Later, positive signals from the sector may provide support to the global Industrial Production indicator.
Right now, the GBP/USD pair is moving in the middle of two-month trading range. So far, there are no reasons to buy the Pound: as long as the United Kingdom is preparing documents and legally enforceable enactments for the Brexit and the market isn’t aware of all the nuances, the British currency will remain under pressure.
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.