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Good and bad factors

Good and bad factors | 02 November 2022

02 November 2022, GBP/USD

Good and bad factors

GBPUSD trading plan:

British manufacturing last month suffered its biggest contraction since the depths of the first COVID-19 lockdown in May 2020, with optimism draining fast, a fresh survey showed. The final S&P Global UK Manufacturing Purchasing Managers' Index for October fell to 46.2 from 48.4 in September. While the October figure was revised up from an initial "flash" reading of 45.8, it still marked a 29-month low. The survey's gauge of future output fell to its lowest level since April 2020. This is a negative factor for the British currency. Oil gained on speculation that China is preparing to gradually exit the country’s Covid-Zero policy. This is a positive factor for the British currency, as assets correlate with each other.

Investment idea: range 1.1445 -1.1560.

David Johnson
Analyst of «FreshForex» company
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