08 March 2022, GBP/USD
GBPUSD trading plan:
China’s export growth slowed down in January and February 2022. Exports rose 16.3% in dollar terms in the January-February period from a year earlier, data from the General Administration of Customs showed. Exports had increased 20.9% in December. Imports increased 15.5% on year during the period. The trade surplus came in at $116 billion. Covid outbreaks in some parts of the country also caused temporary business suspensions, although the commerce ministry has said the impact was manageable overall. Record trade last year helped to underpin China’s rapid economic growth, although momentum weakened in the latter part of the year amid a downturn in the property market. The government set a growth target of about 5.5% for this year, the lowest in more than three decades. High inflation in Europe will have a negative impact on economic growth. This is a negative signal for the British currency.
Investment idea: sell 1.3120 and take profit 1.3055.
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