18 September 2023, GBP/USD
GBPUSD trading plan:
U.S. manufacturing output barely rose in August amid a decline in motor vehicle production, and activity could contract in the months ahead after the United Auto Workers union embarked on strikes at three factories. Factory output edged up 0.1% last month after rebounding 0.4% in July, the Fed said. The gain was in line with economists' expectations. Production was down 0.6% on a year-on-year basis in August. Motor vehicle and parts output decreased 5.0%, almost reversing July's 5.1% surge, when it benefited from difficulties adjusting the data for seasonal fluctuations related to annual plant shutdowns for new model retooling. Production of motor vehicles and parts was 5.9% higher on a year-on-year basis. Excluding motor vehicles, factory output increased 0.6% last month after being unchanged in July. Moderate growth in industrial production is forcing the Federal Reserve to keep interest rates high for an extended period.
Investment idea: sell 1.2420 and take profit 1.2350.
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