04 May 2022, GBP/USD
GBPUSD trading plan:
British factory activity edged up in April after slowing to its weakest in just over a year in March. The S&P Global/CIPS manufacturing Purchasing Managers' Index rose to 55.8 in April from March's 13-month low of 55.2. Some 55% of manufacturers expected output to rise over the coming year, but this reflected the weakest outlook since December 2020 as domestic orders grew by the least since January 2021 and export orders fell by the most since July 2020. More than 60% of manufacturers raised prices in April - giving a record inflation balance - after the cost of inputs such as energy and raw materials jumped by the second-biggest amount on record. The Bank of England is closely eyeing surging prices that have already pushed consumer price inflation to its highest in 30 years, and most traders expect it to raise interest rates to 1% on Thursday, the highest since 2009.
Investment idea: buy 1.2455 and take profit 1.2505.
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