04 August 2022, GBP/USD
GBPUSD trading plan:
The U.S. services industry unexpectedly picked up in July as new orders grew solidly, supporting views that the economy was not in recession despite output slumping in the first half. The Institute for Supply Management survey also showed supply bottlenecks were easing while a measure of prices paid by businesses dropped by the most since 2017, benefiting in part from declining commodity prices. But shortages of labor, especially truck drivers, persisted. The ISM's non-manufacturing PMI rebounded to a reading of 56.7 last month from 55.3 in June, ending three straight monthly declines. Thirteen industries, including mining, public administration and wholesale trade reported growth. But agriculture, forestry, fishing and hunting, as well as retail trade and finance and insurance contracted.
Investment idea: sell 1.2230 and take profit 1.2150.
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