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GBP/USD: Pound rose on the data presented today, but not for long _05/09/2016

Technical analysis and trading recommendations - https://fxpcm.com/en/fx/gbpusd-pound-rose-data-presented-today-not-long-05092016


At presented today at 08:30 (GMT) data, the pound appreciated sharply on the currency market, and the pair GBP / USD jumped by 0.5%, reaching a 1-month high near 1.3375 mark. PMI (PMI) for the scope of services UK for August amounted to 52.9 (after 47.4 in July and 50.0 against the forecast). Thus, the PMI index in August rose by 5.5 points, which was the most significant increase in the index for all time of such statistics after a record fall in July when the decision of the UK population has been published to withdraw from the EU structure. The data shows that the national economy of the UK copes with the consequences of voting for withdrawal from the EU.

Published last week's PMI / PMI / UK production sphere in August was 53.3 (vs. 49.0 and 48.3 in July). Manufacturing Index (PMI) is an important indicator of business conditions and the general state of the UK economy, as this sector forms a significant part of the final figure of the British GDP.


Nevertheless, talk about the full recovery of the British economy is still too early. On Wednesday (08:30 GMT) publish official data on industrial production and production in the manufacturing industry of Great Britain in July, also on Wednesday (09:00) hearing will report on inflation in the UK by the Monetary Policy Committee of the Bank of England. On Friday (8:30) published a forecast for consumer price inflation in the UK the Bank of England in July (the first month after the referendum on Brexit).


Week promises to be very volatile in trading the pound, including the pair GBP / USD.


From the news today should pay attention to the publication at 20:00 on retail trade in the UK in July from the British Retail Consortium data (BRC)

Monday, 05 Sep, 2016 / 12:08

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Source : http://fxpcm.com/en/fx/gbpusd-pound-rose-data-presented-today-not-long-05092016

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