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Positive macroeconomic statistics from the UK

Positive macroeconomic statistics from the UK | 07 October 2022

07 October 2022, GBP/USD

GBPUSD trading plan:

Activity among British construction companies improved unexpectedly last month, although the outlook darkened as growth in new orders dried up, a survey showed. The S&P Global/CIPS construction Purchasing Managers' Index rose to 52.3 in September from 49.2 in August and was above the 50 threshold for growth for the first time since June. New orders showed the weakest growth since May 2020, shortly after the coronavirus pandemic hammered Europe, and concerns about rising interest rates, the energy crisis and recession risks hit confidence. Price pressures were their weakest since February 2021, a potential silver lining for the Bank of England as it monitors the impact of inflation in the broader economy.

Investment idea: buy 1.1088 and take profit 1.1150.

David Johnson
Analyst of «FreshForex» company
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