13 September 2023, GBP/USD
GBPUSD trading plan:
Britain's economy contracted in July at an unexpectedly sharp rate after strikes in hospitals and schools as well as unusually rainy weather weighed on output, according to official figures that will add to worries about the outlook. The Office for National Statistics said gross domestic product shrank 0.5% in July from June, worse than all forecasts in a Reuters poll of economists that had pointed to a contraction in gross domestic product of 0.2% from June. Output had risen 0.5% in June, and the economy grew 0.2% over the three months to the end of July. Sterling shed around a third of a cent against the dollar on the data, which showed all major sectors of the economy - services, manufacturing and construction - declined in July.
Investment idea: sell 1.2520 and take profit 1.2450.
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