Global macro overview for 04/10/2016:
The PMI Construction data from Britain has just been released and it is better than expected. Market participants anticipated the figure to be below the fifty points level just as a month ago (49.1 points exactly), but the released score was at the level of 52.3 points, a way better than expected. The British PMI data, both from construction and manufacturing sectors remain strong ad no real damage has been done to the UK economy so far. The reason behind such good figures might lay in a fact that the UK is still formerly a part of the eurozone as the official separation from the EU has been scheduled for March 2017. Nevertheless, Brexit uncertainty still prevails regardless of the better data.
Let's now take a look at the GBP/USD technical picture in 4H time frame after the data was published. As we can see, the GBP/USD pair posted a new, 31-year lows of 1.2757 despite the better than expected data. The pair is still trading inside the golden channel, below the key resistance at the level of 1.2801.
