25 September 2023, GBP/USD
GBPUSD trading plan:
British manufacturing output fell over the three months to September and was expected to be stagnant in the remainder of 2023, according to an industry survey published that added to signs of weakness in the economy. The Confederation of British Industry's net balance of output for the third quarter stood at -10, less weak than -19 in the three months to August which was the lowest reading since September 2020 but still far below the series average of +3. The net balance shows the difference between the share of factories reporting rising output against those seeing a fall. Output in the manufacturing sector weakened over the past quarter and is expected to flatline at best through the rest of this year.
Investment idea: sell 1.2269 and take profit 1.2193.
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