29 September 2023, GBP/USD
GBPUSD trading plan:
The Office for National Statistics said Britain's economy in the second quarter of 2023 was 1.8% larger than in the final quarter of 2019, the last full quarter before the start of the COVID-19 pandemic. This represented an upward revision from the most recent previous ONS estimate, on Aug. 11, that the economy was still 0.2% smaller than before the pandemic, which had placed it at the bottom of the table among major advanced economies. An increased estimate of the size of Britain's economy had been widely expected, after the ONS published preliminary revisions on Sept. 1 suggesting the economy was already 0.6% larger than its pre-pandemic size in the final quarter of 2021. On the face of it, this is a positive statistic for the British currency; however, the market is forward looking, not backward looking, and in the future, we will see a decline in GDP. Therefore, the rise in the GBPUSD quote should be used to open short positions.
Investment idea: sell 1.2140 and take profit 1.2101.
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