24 August 2023, GBP/USD
GBPUSD trading plan:
Britain's economy looks on course to shrink during the current quarter and risks falling into a recession, as a survey showed a slump in factory output and broader weakness in the face of higher interest rates. The S&P Global/CIPS composite Purchasing Managers' Index tumbled to 47.9 in August from 50.8 in July. The reading was the lowest since January 2021, when Britain was in a COVID-19 lockdown, and the first fall below the 50 level which divides growth from contraction since January this year. Britain's economy - struggling with high inflation as well as the after-effects of the coronavirus pandemic and Brexit - last shrank in the third quarter of 2022, when many businesses closed to mark Queen Elizabeth's funeral. Since then, it has defied widespread forecasts of recession but has grown slowly.
Investment idea: sell 1.2750 and take profit 1.2660.
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