24 November 2023, GBP/USD
GBPUSD trading plan:
British companies reported a marginal return to growth in November after three months of contraction but the downturn in orders continued in the face of higher interest rates and weak demand, a fresh survey showed. That was up from 48.7 in October, and above the 50 thresholds for growth for the first time since July. Economists polled by Reuters had forecast an unchanged reading of 48.7. Relief at the pause in interest rate hikes and a clear slowdown in headline measures of inflation are helping to support business activity, although the latest survey data merely suggests broadly flat UK GDP in the final quarter of 2023. The PMI chimed with other measures of Britain's economy that indicate stagnating growth. Britain's economy has suffered from the highest inflation rate among big, rich countries and gross domestic product failed to grow in the third quarter. But the pace of price growth slowed more than expected to 4.6% in October.
Investment idea: buy 1.2515 and take profit 1.2555.
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