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Positive macroeconomic statistics from the UK

Positive macroeconomic statistics from the UK | 21 May 2021

21 May 2021, GBP/USD

Positive macroeconomic statistics from the UK

GBPUSD trading plan:

British manufacturers reported the fastest growth in orders since December 2017 in May. The Confederation of British Industry's industrial orders balance - measuring the proportion of firms reporting order volumes above or below normal - rose to +17 from -8 in April. Export orders lagged behind domestic demand, which reflected new post-Brexit trade barriers. Demand for goods was also likely to soften later in 2021 as spending shifted more towards services as the economy reopened. Other surveys of manufacturers, such as the monthly Purchasing Managers' Index, have also pointed to strong growth. April's PMI showed the biggest rise in new orders since November 2013.

Investment idea: buy 1.4168 and take profit 1.4236.

David Johnson
Analyst of «FreshForex» company
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