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Negative macroeconomic statistics from the UK

Negative macroeconomic statistics from the UK | 06 September 2023

06 September 2023, GBP/USD

GBPUSD trading plan:

Business activity in Britain's services sector fell last month for the first time since January as higher interest rates reduced consumer and corporate demand, a survey showed, although the drop was less than initially estimated. The S&P Global/CIPS Purchasing Managers' Index for Britain's services sector dropped to 49.5 in August from 51.5 in July - a seven-month low but above an initial estimate which showed it matching January's two-year low of 48.7. The broader composite PMI - which also includes Friday's very weak manufacturing PMI - dropped to 48.6 from 50.8, again the lowest since January but revised up from an estimate of 47.9 for August, which was the lowest since January 2021.

Investment idea: sell 1.2580 and take profit 1.2500.

David Johnson
Analyst of «FreshForex» company
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