25 October 2023, GBP/USD
GBPUSD trading plan:
Britain's businesses reported another decline in activity this month and cost pressures cooled further, surveys showed, underlining the risk of recession as the Bank of England prepares for its interest rate decision next week. The "flash" preliminary reading of the S&P Global UK Purchasing Managers' Index for the services sector fell in October to 49.2 from 49.3 in September, the lowest reading since January and below the 50 no-change mark for a third month. This supports our view that a mild recession is underway and that the Bank of England has finished hiking interest rates. The Bank of England looks set to keep interest rates on hold next week but also stress that it is far from relaxing its fight against Britain's high inflation rate, despite growing worries about a recession.
Investment idea: sell 1.2210 and take profit 1.2140.
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