The British pound found support

2 December, 2014

The British pound, which was potentially strong, for several months remains under pressure from the "bears" because of the vague policy of the Bank of England's interest rate. The market has no understanding of the timing of monetary tightening by the BoE, but also the regulator is not in a hurry to dispel this fog - conservative view of the British Central Bank is unchanged. 
 
Today, the buyers, however, are in a good mood. Today a report came out on the manufacturing sector of the UK, which in November rose at the maximum pace in four months. According to Markit observers, the index of purchasing managers in the manufacturing sector rose to 53.5 points against 53.3 in October. The PMI index, thus confidently holds above the psychologically important 50 points and points to the growth in the segment. 
 
With all this news about the decline in the number of mortgage approvals in October (59.4 thousand. vs. 61.2 thousand earlier) and the participants in the market chose to ignore this. 
 
If the Bank of England was only more sensitive to market expectations, the Pound relying on statistics would come out quite successfully in the strong recovery phase, after all the fundamental prerequisites for it. But while the issue with the rate will not be very clear, in the GBP/USD pair fundamentally nothing has changed. 

RoboForex Analytical Department


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