24 November 2020, GBP/USD
GBPUSD trading plan:
British business activity has contracted in November as a new wave of COVID-19 restrictions hammered the huge services industry. An early reading of the IHS Markit/CIPS UK Composite Purchasing Managers' Index, a gauge of private sector growth, tumbled to a five-month low of 47.4 in November from 52.1 in October. It is the first time the index has gone below the 50.0 growth threshold level since June. The decline was smaller than a slump to 42.5 forecast in a poll of economists. But manufacturing, which was largely unaffected by the latest lockdown, accelerated, with its PMI rising to 55.2, the joint-highest level since 2018. This is a positive macroeconomic statistic for the British currency.
Investment idea: Buy 1.3317 and take profit 1.3380
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