GBP/XXX forecast - fundamental analisysGood morning traders and happy Wednesday,
Today is a really important day for the pound given the events that have taken place throughout this week and that can define in large part the coming days.
For more analyses like this do not hesitate to write to me, I will answer your doubts.
-Fundamental analysis
Today we will know as soon as the British market is opened up by the PMI of both services and manufacturers and the general PMI.
This data is published in conjunction with the data of the different European PMI and is probably quite related, therefore the magnitude of the impact will be greater
than it would usually be for this double-sided information.
These PMI are really important because they are the first to occur after the summer and to mark the starting point for a possible but unsafe recovery of activity in the UK.
According to data forecasts, manufacturing PMI would be reduced by one point from the previous month, this fact being met may be really good for the UK because it would mean that it maintains its growing industrial activity despite a situation not favourable to them.
On the other hand, the PMI services are more affected with a loss casi forecast of almost 3 points in this case occurs in a similar way than in manufacturing PMI and we see that this can be positive given the current context.
Therefore, there was no other than the compound PMI being reduced but above the value 50 (a point indicating growth or decline in the PMI) which makes it clear that the WHOLE UK production is growing.
It can therefore be concluded that if the predictions are met we will see an appreciation (rise) of GBP compared to other currencies, or in the worst case that there would be a slight un significant setback.
For more analyses like this do not hesitate to write to me, I will answer your doubts.
