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Negative macroeconomic statistics from the UK

Negative macroeconomic statistics from the UK | 03 January 2023

03 January 2023, GBP/USD

Negative macroeconomic statistics from the UK

GBPUSD trading plan:

In annual terms, UK house price growth dropped to 2.8% in December, down from 4.4% in November. Nationwide said that prices had dipped 0.1% month-on-month in December for a fourth consecutive fall and the worst run since 2008. Economists had pencilled-in a fall to 0.7%. The report pointed out that East Anglia was the strongest performing region in 2022, while Scotland was the weakest, and also highlighted that the gap between the weakest and strongest regions was the smallest since Society’s regional indices began in 1974. It will be hard for the market to regain much momentum in the near term as economic headwinds strengthen, with real earnings set to fall further and the labour market widely projected to weaken as the economy shrinks.

Investment idea: sell 1.2095 and take profit 1.2039.

David Johnson
Analyst of «FreshForex» company
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