24 August 2022, GBP/USD
GBPUSD trading plan:
Britain's private sector slowed to a crawl in August as factory output fell and the larger services sector eked out only a modest expansion, adding to signs that recession may be looming, a closely watched survey showed. While activity in the services sector almost held at July's pace, the manufacturing component tumbled to 46.0 in August from 52.1 in July, its lowest since May 2020 in the depths of the COVID-19 pandemic. Separate figures from the Confederation of British Industry showed the first fall in factory output since February 2021 and the weakest order book since April that year. The BoE has warned that Britain too is likely to slip into a recession at the end of 2022 which will last until 2024 as energy bills are expected to push consumer price inflation above 13% in October.
Investment idea: sell 1.1850 and take profit 1.1785.
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