04 September 2023, GBP/USD
GBPUSD trading plan:
British factories in August suffered their weakest month since early in the COVID-19 crisis, with orders shrinking dramatically due to the rise in interest rates at home and abroad, a survey showed. The S&P Global UK manufacturing Purchasing Managers' Index dropped for a sixth month in a row, falling to 43.0 from 45.3 in July. It was the lowest reading in 39 months, although it was slightly above the 42.5 estimate in provisional August data. It was the 13th month in a row the PMI has been below the 50-mark denoting growth in activity. Purchasing activity, inventory holdings and staffing levels were all cut back in August as manufacturers strived to control costs, protect margins and operate in a much leaner and efficient manner.
Investment idea: sell 1.2635 and take profit 1.2570.
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