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Negative macroeconomic statistics from the UK

Negative macroeconomic statistics from the UK | 24 May 2022

24 May 2022, GBP/USD

GBPUSD trading plan:

UK private sector firms signaled a sharp slowdown in business activity growth during May as escalating inflationary pressures and heightened geopolitical uncertainty acted as constraints on customer demand. Latest data indicated the fastest rise in operating expenses since this index began in January 1998, led by a rapid acceleration in input cost inflation across the service economy. Concerns about squeezed margins and weaker order books resulted in a considerable drop in business expectations for the year ahead. Reports from survey respondents suggested that escalating economic uncertainty and the pass through of higher costs to clients had led to softer demand conditions.

Investment idea: sell 1.2505 and take profit 1.2425.

David Johnson
Analyst of «FreshForex» company
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