05 July 2022, GBP/USD
GBPUSD trading plan:
British companies have turned increasingly glum about the outlook, with inflation surging and investment plans looking stagnant, according to the latest business survey that shows momentum rapidly draining from the economy. The British Chambers of Commerce said 54% of more than 5,700 companies it surveyed between May 16 and June 9 expected turnover to increase over the next 12 months. This is down from 63% in the previous survey and the lowest share since late 2020, when many businesses were under some form of COVID restrictions. A survey published by S&P Global showed reports of rising costs were more widespread among British manufacturers than anywhere else in Europe.
Investment idea: sell 1.2105 and take profit 1.2035.
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