The UK Manufacturing PMI report was not positive, inasmuch as rate dipped below its average over the past year. Moreover, the business activity index for two months in a row is below the annual average, which signals an impending slowdown in growth in the manufacturing sectors of the economy. Meanwhile, the financial media claim that everything is fine in the British industry and strong growth awaits us. This is a negative signal for the pound.

On the other hand, a rally in the commodity market could have a beneficial influence on the value of the British currency, insofar as the pound has historically been well correlated with oil and copper prices. Investors are actively buying up industrial metals and energy resources against the background of a shortage of supply in the world market.

Trading recommendation: flat 1.3610 – 1.3700.