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UK firms grew concerned over costs

UK firms grew concerned over costs | 06 December 2022

06 December 2022, GBP/USD

UK firms grew concerned over costs

GBPUSD trading plan:

Britain's services sector shrank slightly for a second month running in November, as cost-of-living pressures for households and businesses' uncertainty about the economic outlook squeezed demand, a fresh survey showed. The S&P Global/CIPS purchasing managers' index for the services sector held at 48.2 last month, matching October's 21-month low and an earlier 'flash' estimate for November. The composite PMI, which combines services and manufacturing, held at 48.2, its lowest since January 2021 when Britain was in a COVID-19 lockdown. Britain is likely to see Europe's biggest fall in economic output next year, the Organisation for Economic Co-operation and Development forecast last month.

Investment idea: sell 1.2220 and take profit 1.2133.

David Johnson
Analyst of «FreshForex» company
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