04 October 2022, GBP/USD
GBPUSD trading plan:
British manufacturing output fell for a third month in a row in September and orders declined for a fourth consecutive month, hurt by falling foreign demand, according to a closely watched survey released. The S&P Global manufacturing Purchasing Managers' Index rose to 48.4 from August's 27-month low of 47.3 but remained below the 50-level that separates growth from contraction and was a fraction weaker than the initial 'flash' estimate of 48.5. Manufacturers faced weak global market conditions, rising uncertainty, high transportation costs reducing competitiveness and longer lead times leading to cancelled orders.
Investment idea: sell 1.1415 and take profit 1.1355.
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