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Negative macroeconomic statistics from the UK

Negative macroeconomic statistics from the UK | 06 April 2023

06 April 2023, GBP/USD

GBPUSD trading plan:

British house-building fell at the sharpest pace since May 2020 last month as the cost of higher interest rates outweighed an easing in supply chain difficulties that bolstered other types of construction, according to a fresh survey released. The S&P Global/CIPS construction Purchasing Managers' Index fell to 50.7 in March after jumping to 54.6 in February, although the reading still indicated modest growth and was the second-highest since October, when the "mini-budget" crisis of former Prime Minister Liz Truss caused borrowing costs to leap. Builders cited a reduction in new housing projects as a result of higher interest rates. Last month the Bank of England raised borrowing costs for the 11th time since December 2021, taking interest rates to 4.25%.

Investment idea: sell 1.2550 and take profit 1.2451.

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David Johnson
Analyst of «FreshForex» company
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