Markets  |  March 01, 2013 10:20:00

GBP / USD is one step closer to 1.50

UK production followed by its European neighbors. Purchasing Managers' Index (PMI) of manufacturing sector in February fell to 47.9 points from 50.5 points in January. Surveys among economists talked about while growth at 51 points. Poor results approaching Britain to fall into its third recession since 2008. Today's bad result is surprising and weakening pound definitely helped.

New orders index fell to 46.6 points and reached the worst result since July 2012. Great Britain is teetering on the precipice and, together with other members of the European economy. The manufacturing sector accounts for 10.5 percent of the island's GDP. The weakening dollar could, however, the tide, exporters will also open up new possibilities because their goods cheaper.

Currency Pair GBP / USDholds a strong bearish momentum. After today's bad results PMI broke through 1.5080 support. Rather an unusual phenomenon looks bullish divergence on the oscillator. Market sentiment remains negative and the question is, when we look below the psychological level of 1.50. The nearest technical support from the weekly chart is the level of 1.48.

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GBP/USD je o krok blíže k 1,50

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