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Global macro overview for 03/08/2015

Global macro overview for 03/08/2015:

The recent morning news from UK has beat the market expectations again. The PMI Manufacturing numbers were better than expected at the level of 51.9 vs. 51.6 expected and 51.4 prior. Readings might ensure economists that the UK economic situation is getting better and better. The view is supported by other indicators released last week (GDP at 0.7% q/q; 2.6% y/y, mortgage approvals at 66.582K , net consumer credit at 1.22 bln).

The technical situation with the GBP/USD pair is still not very clear as the market is trying to breakout above the important resistance at the level of 1.5689, but still unsuccessfully. Moreover, any breakout below the golden trendline will be considered bearish, with immediate support at the level of 1.5465.

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