05 October 2023, GBP/USD
GBPUSD trading plan:
British services companies suffered a less severe downturn in September than first feared, reflecting a surprise fall in inflation and the Bank of England's decision to leave interest rates on hold, a business survey showed. The final reading of S&P Global UK Services Purchasing Managers' Index fell in September to 49.3 from 49.5 in August, falling further below the 50 threshold for growth. While marking an eight-month low, it was much better than a preliminary "flash" reading of 47.2 that shocked investors and may have swayed Bank of England officials, a slim majority of whom voted to leave interest rates on hold last month. Positive sentiment was attributed to hopes of a sustained easing of inflationary pressures and a turnaround in customer demand, as well as new product launches and business investment plans.
Investment idea: range 1.2080 -1.2180.
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