British Manufacturing PMI is based on a survey of Purchasing Managers in the manufacturing sector. Respondents are surveyed for their views on a wide range of business conditions, including employment, new orders, prices and inventories. A reading which is higher than the market forecast is bullish for the pound. Here are all the details, and 5 possible outcomes for GBP/USD. Published on Monday at 8:30 GMT. Indicator Background In August, Manufacturing PMI posted a weak 45.4 points, well below the markets estimate of 48.6 points. This marked the third consecutive reading below the 50.0 line, indicating continuing contraction in the manufacturing industry. The forecast for September’s release is slightly higher, at 46.2 points.Will the index surprise the markets with a better reading than the estimate? Sentiments and levels GBP/USD has been marked by choppiness in July and August, as economic data out of both the UK and US continue to under-impress the markets. The increased speculation about QE intervention by the Fed is bullish for the pound, but trouble in Europe and weak global opportunities could push nervous investors to the safety of the greenback. Thus the overall sentiment continues to be neutral on GBP/USD towards this release. Technical levels, from top to bottom: 1.6060, 1.5992, 1.5930, 1.5805, 1.5750, and 1.5648. 5 Scenarios Within expectations: 42.0 to 50.0: In such a case, GBP/USD is likely to rise within range, with a small chance of breaking higher. Above expectations: 50.1 to 54.0: An unexpected higher reading can send the pair well above one resistance line. Well above expectations: Above 54.0. The likelihood of a sharp expansion is low. Such an outcome could prop up the GBP, and a second resistance line might be broken as a result. Below expectations: 38.0 to 41.9: A sharper decrease than forecast could push the pair below one support level. Well below expectations: Below 38.0: A very weak reading could push downwards on the pound, and GBP/USD could break a second support level. For more about the GBP, see the GBP/USD forecast. Kenny Fisher Kenny Fisher Kenny Fisher - Senior Writer A native of Toronto, Canada, Kenneth worked for seven years in the marketing and trading departments at Bendix, a foreign exchange company in Toronto. Kenneth is also a lawyer, and has extensive experience as an editor and writer. Kenny's Google Profile View All Post By Kenny Fisher Opinions share Read Next USD/CHF Outlook September 3-7 Kenny Fisher 9 years British Manufacturing PMI is based on a survey of Purchasing Managers in the manufacturing sector. Respondents are surveyed for their views on a wide range of business conditions, including employment, new orders, prices and inventories. A reading which is higher than the market forecast is bullish for the pound. Here are all the details, and 5 possible outcomes for GBP/USD. Published on Monday at 8:30 GMT. Indicator Background In August, Manufacturing PMI posted a weak 45.4 points, well below the markets estimate of 48.6 points. This marked the third consecutive reading below the 50.0 line, indicating continuing contraction in the… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
