02 March 2023, GBP/USD
GBPUSD trading plan:
U.S. manufacturing contracted for a fourth straight month in February, but there were signs that factory activity was starting to stabilize, with a measure of new orders pulling back from more than a 2-1/2-year low. The Institute for Supply Management survey also showed prices for raw materials increasing last month, suggesting inflation could remain elevated after monthly consumer and producer prices surged in January. The ISM's manufacturing PMI was little changed at a reading of 47.7 last month from 47.4 in January. A PMI reading below 50 indicates contraction in manufacturing, which accounts for 11.3% of the U.S. economy. Only four industries, including transportation equipment and electrical equipment, appliances and components, reported growth last month. Paper products, textile mills, furniture and related products as well as nonmetallic mineral products, computer and electronic products were among the 14-reporting contraction.
Investment idea: buy 1.1950 and take profit 1.2025.
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