25 Juli 2023, GBP/USD
GBPUSD trading plan:
Britain's private sector is growing at its weakest pace in six months in July, as orders for businesses stagnate in the face of rising interest rates and still-high inflation, a fresh survey showed. The S&P Global/CIPS composite Purchasing Managers' Index showed a preliminary reading of 50.7, down from 52.8 in June in the biggest month-on-month drop in 11 months. Although above the 50-level that separates growth from contraction, it was the weakest reading since January. The drop was also greater than forecast by any economist in a Reuters poll, which had pointed to a decline to 52.4. The survey reinforced a sluggish outlook for Britain's economy, which has so far defied forecasts of recession in 2023 but has yet to feel the full impact of 13 back-to-back interest rate increases by the Bank of England.
Investment idea: sell 1.2885 and take profit 1.2825.
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