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Positive macroeconomic statistics from the UK

Positive macroeconomic statistics from the UK | 06 October 2020

06 October 2020, GBP/USD

Positive macroeconomic statistics from the UK

GBPUSD trading plan:

Positive macroeconomic statistics from the UK will force investors to increase long positions in the British currency. The IHS Markit Purchasing Managers' Index for the services sector - which does not cover retailers - dropped to 56.1 in September from August's five-year high of 58.8, but the decline was smaller than an initial "flash" estimate of 55.1. Readings above 50 indicate that a majority of businesses reported growth in activity. Britain's economy shrank by a record 20% in the second quarter when lockdown measures were tightest, and performed worse than any other major advanced economy in the first half of the year. However there has been a fairly rapid - though uneven - recovery.

Trading recommendation: Buy 1.2960 and take profit 1.3044.

David Johnson
Analyst of «FreshForex» company
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