Markets  |  February 05, 2013 10:40:00

Britain could avoid recession

Britain's dominant services sector returns in February for optimism. Purchasing Managers' Index (PMI) in services rose to 51.5 points from the previous 48.9. Once again, the value is above 50, which separates expansion from contraction. Today's report reduces the chances of returning to the UK back into recession.

The British economy was in contraction in the last quarter of 2012, it will be important that the first quarter ended positively and the island's economy would lose. Today's report confirms speculation that at Thursday's meeting of the Central Bank of Great Britain does not change monetary policy. Growth in the service sector of the economy suggests moderate growth in early 2013, as the services are almost 3 British GDP.

Currency pair GBP / USD returned to the Fibonacci level 50 and currently has problems with further strengthening. The British pound is the new year holds in a bear trend and the question is whether today's report could change anything, at least in the short-term trend. The nearest significant resistance remains 1.5865.

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