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Negative macroeconomic statistics from the UK

Negative macroeconomic statistics from the UK | 25 August 2023

25 August 2023, GBP/USD

Negative macroeconomic statistics from the UK

GBPUSD trading plan:

British retail sales fell in August at the fastest rate since March 2021 and most stores are expecting another tough month ahead, an industry fresh survey showed. The Confederation of British Industry's monthly balance of retail sales, which compares volumes with a year ago, fell to -44 in August from -25 in July. Against a backdrop of rising interest rates and weak demand, retailers foresee cuts to investment over the next year, while employment is expected to fall again next month. The CBI data echoed industry data earlier this week that showed sales growth at British supermarkets slowed in August, reflecting lower inflation as well as a hit to demand from unsettled, unseasonably wet weather.

Investment idea: sell 1.2620 and take profit 1.2535.

David Johnson
Analyst of «FreshForex» company
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