28 July 2023, GBP/USD
GBPUSD trading plan:
British retail sales fell in July at the fastest rate since April 2022 and stores are bracing for worse times ahead, with many chains cutting orders placed with suppliers, an industry fresh survey showed. The Confederation of British Industry's monthly balance of retail sales, which compares volumes with a year ago, fell to -25 in July from -9 in June. Expectations for the month ahead fell to -32 from zero, the weakest reading since March 2021. "Firms remain cautious about the retail sector's near-term outlook as they pare back on orders and brace themselves for another sales contraction in the year to August," said CBI economist Martin Sartorius. The survey's gauge of orders placed with suppliers fell to its lowest level since January 2021, when Britain had re-entered a COVID-19 lockdown.
Investment idea: sell 1.2820 and take profit 1.2750.
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