British Pound declined against USD in a more active manner as the US data was accompanied with lower than expected UK indicators.
British Manufacturing PMI declined to 48 and stays below 50, which indicates that there is no growth in this sector. Construction sector is in stagnation as well as the indicator declined to 43,1. Services PMI stays above 50, but Wednesday data was lower than previous reading and expectations.
The currency pair has reached local lows and GBP/USD is unlikely to develop the downtrend. We think that the currency pair is able to stay close to local lows for some time. We advise to look for price action signals.
British Manufacturing PMI declined to 48 and stays below 50, which indicates that there is no growth in this sector. Construction sector is in stagnation as well as the indicator declined to 43,1. Services PMI stays above 50, but Wednesday data was lower than previous reading and expectations.
The currency pair has reached local lows and GBP/USD is unlikely to develop the downtrend. We think that the currency pair is able to stay close to local lows for some time. We advise to look for price action signals.