03 June 2022, GBP/USD
GBPUSD trading plan:
Small companies have shed jobs in three of the last four months, with some indication that this vital pillar of the US economy is feeling the pinch of higher borrowing costs. Firms with fewer than 50 employees have lost almost 300,000 jobs since February, data from the ADP Research Institute showed. Some 91,000 of the losses came in May. Construction and other sectors that tend to be more sensitive to changes in interest rates saw more job-cut announcements in May than in the previous four months combined. ADP data showed that construction jobs contracted in May for the first time in 15 months. That’s amid evidence that higher mortgage rates are beginning to impact the housing market.
Investment idea: buy 1.2554 and take profit 1.2619.
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