The level of business activity in the construction sector of the British economy showed an unexpected increase in January, according to the Markit Economics / CIPS report.
According to the report, the index of business activity in construction rose to 59.1 points. Despite the maximum December 2012 decline in construction, the current PMI index allows us to expect an improvement of the situation in the construction sector at the beginning of this year, Arsenal-FX analysts claimed (rated among the TOP Forex Brokers Masterforex-V World Academy http://www.masterforex-v.com/).
Growth factors were growing trust and an increase in the number of orders. Orders’ growth rates are the highest for 3 months in all sectors of the construction.
The construction sector accounts for about 6% of the UK's GDP. It suffered greatly from the financial crisis. Therefore, building production volumes remain by 8 percent lower than in 2008.
Meanwhile, the pound is showing signs of completion of a long-term downward movement. The GBP/USD generates an upward wave of A / B level. The further growth of the pair with the breakdown of the maximum 1.5352 continue the current wave. Likely targets will be Fibonacci levels 1.5432 / 39, 1.5479 / 96, 1.5579 / 1.5600 and the 1.5682 MF pivot with long-term downward movement. Breaking the upward sloping channel and MF pivot 1.4985, the pair will show the end of the current wave.
