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Negative macroeconomic statistics from the UK

Negative macroeconomic statistics from the UK | 06 July 2023

06 July 2023, GBP/USD

Negative macroeconomic statistics from the UK

GBPUSD trading plan:

Growth in Britain's private sector slowed sharply last month, despite businesses facing lower inflation, as higher Bank of England interest rates weighed on demand, a fresh survey showed. The S&P Global/CIPS services Purchasing Managers' Index for Britain dropped to 53.7 in June from May's 55.2, in line with a preliminary estimate. While this was still comfortably above the 50 level which separates growth from contraction in the PMI survey, it was the UK services sector's lowest reading since March and the biggest month-on-month fall since August 2022. The service sector showed renewed signs of fragility in June as rising interest rates and concerns about the UK economic outlook took their toll on customer demand.

Investment idea: sell 1.2740 and take profit 1.2660.

David Johnson
Analyst of «FreshForex» company
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