Positive macroeconomic statistics from UK | 05 May 2023

GBPUSD trading plan:

Britain's services sector kicked off the second quarter with its fastest growth in a year, boosted by new orders, but it passed the cost of rising wage bills on to consumers, adding pressure on the Bank of England to keep raising interest rates. The final S&P Global/CIPS UK Services Purchasing Managers' Index rose to 55.9 from 52.9 in March, above the 50 thresholds for growth and higher than a provisional reading of 54.9. The reading added to a series of improved measures of the economy, which had appeared to be heading for a recession in early 2023. Official mortgage and consumer lending data also surprised to the upside.

Investment idea: buy 1.2599 and take profit 1.2664.