17 August 2022, GBP/USD
GBPUSD trading plan:
Production at U.S. factories increased more than expected in July as output rose at motor vehicle plants and elsewhere, pointing to underlying strength in manufacturing despite ebbing business confidence. Manufacturing output rebounded 0.7% last month after declining 0.4% in June, the Federal Reserve said. Manufacturing, which accounts for 11.9% of the U.S. economy, remains supported by strong demand for goods even as spending is gradually shifting back to services. But risks are rising, with retailers sitting on excess inventory, especially of apparel. A strong dollar as a result of tighter monetary policy could make U.S. exports more expensive. The U.S. central bank has hiked its policy rate by 225 basis points since March. The aggressive monetary policy tightening has raised fears of a recession, hurting business sentiment.
Investment idea: sell 1.2110 and take profit 1.2055.
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