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Positive macroeconomic statistics from the UK

Positive macroeconomic statistics from the UK | 22 March 2023

22 March 2023, GBP/USD

GBPUSD trading plan:

Britain's manufacturing output bounced back in the first three months of 2023, chiming with other measures of the economy that improved, but firms expect the sector to contract as inflationary pressures persist, a fresh survey showed. Trade body Make UK and accountants BDO said their quarterly gauge of manufacturing output rose to +21 in the first quarter from +5 - the highest balance level since early last year, when it rose to +24. Domestic and export prices rose slightly from the previous quarter, both with balances of +52%. There was also a big jump in total orders, with British orders increasing to +20% from +2%, while overseas orders rose to +12% from -6% in the final quarter of 2022.

Investment idea: buy 1.2189 and take profit 1.2255.

David Johnson
Analyst of «FreshForex» company
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