08 May 2023, GBP/USD
GBPUSD trading plan:
Activity in Britain's construction sector increased in April but growth was lopsided, with residential house-building suffering its steepest decline since May 2020, weighed down by weaker demand and higher mortgage rates, a fresh survey showed. The S&P Global UK Purchasing Managers' Index for the construction industry came in at 51.1 in April, up from 50.7 in March. Britain's housing market has shown signs of recovery in recent weeks, after a sharp slowdown triggered by the market turmoil which followed former prime minister Liz Truss's "mini-budget". Bank of England data published on Friday showed British lenders approved the highest volume of mortgages since October 2022 in March, while mortgage lender Nationwide on Tuesday reported a 0.5% monthly rise in house prices in April after they fell in the seven previous months.
Investment idea: buy 1.2619 and take profit 1.2674.
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