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Negative macroeconomic statistics from the UK

Negative macroeconomic statistics from the UK | 07 July 2023

07 July 2023, GBP/USD

Negative macroeconomic statistics from the UK

GBPUSD trading plan:

British house building fell in June at the sharpest pace in more than 14 years, apart from two months early in the COVID-19 pandemic, as higher borrowing costs dampened demand and weighed on the broader construction sector, a fresh survey showed. The S&P Global/CIPS construction Purchasing Managers' Index dropped to a five-month low of 48.9 in June from 51.6 in May. Survey respondents widely commented on cutbacks to new residential building projects and more caution among clients in response to rising interest rates. It is therefore no surprise that house builders are slowing down their pipeline of work and acting cautiously to protect their margins.

Investment idea: sell 1.2750 and take profit 1.2680.

David Johnson
Analyst of «FreshForex» company
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