02 February 2023, GBP/USD
GBPUSD trading plan:
British manufacturers saw their business shrink for a sixth month in a row in January, kicking off a tough 2023 when the country's economy looks set to fall into a recession, according to a fresh survey published. The S&P Global/CIPS UK manufacturing Purchasing Managers' Index rose to 47.0, up from a preliminary January reading of 46.7 and from a 31-month low of 45.3 in December but still below the 50.0 level that separates contraction from growth. Output and new orders contracted and job losses were reported for the fourth month in a row. The Bank of England is weighing up how much higher it should raise interest rates to stamp out the risks that inflation, currently above 10%, gets stuck above its 2% target. It is expected to raise Bank Rate to 4% from 3.5%.
Investment idea: range 1.2350 -1.2450
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