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Negative macroeconomic statistics from the UK

Negative macroeconomic statistics from the UK | 03 September 2019

03 September 2019, GBP/USD

Negative macroeconomic statistics from the UK

GBPUSD trading plan:

Negative macroeconomic statistics from the UK signals a sell-off of the British currency. The IHS Markit UK Manufacturing Purchasing Managers' Index fell to 47.4 from 48.0 in July. The index fell to its lowest level since records started in 2012. Activity across manufacturing declined, with production in the consumer goods industry dropping at the fastest rate since February 2009. The Bank of England may cut interest rates on September 19. Lower interest rates have traditionally contributed to the outflow of capital from British assets.

Trading recommendation: Sell 1.2065 and take profit 1.2029.

David Johnson
Analyst of «FreshForex» company
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