Positive macroeconomic statistics from the UK | 26 May 2023

26 May 2023, GBP/USD

Positive macroeconomic statistics from the UK

GBPUSD trading plan:

British consumers picked up the pace of their spending last month and sales volumes over the three months to April grew by the most since mid-2021, according to official data that suggested limited impact from the surge in inflation. Sales volumes in April rose by a slightly stronger-than-expected 0.5% from March when they slumped by 1.2% as unusually heavy rain kept shoppers at home, the Office for National Statistics said. April saw a surprising uplift in retail sales despite ongoing inflationary pressures. The economic environment remains incredibly tough for many, but consumer confidence is slowly improving from record lows seen in the past year.

Investment idea: buy 1.2325 and take profit 1.2410.

David Johnson
Analyst of «FreshForex» company
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