07 November 2023, GBP/USD
GBPUSD trading plan:
Britain's construction industry suffered a second month of shrinkage in October as higher borrowing costs hit house-builders and worries about the weak economy put clients off new investment, a fresh survey showed. The S&P Global/CIPS UK construction Purchasing Managers' Index improved only marginally to 45.6 from September's 45.0, which was the lowest reading since May 2020 when Britain was under a COVID lockdown. October's reading remained well below the 50.0 growth threshold. The construction sector has been the most obvious victim so far of the Bank of England's run of interest rate increases between December 2021 and August this year. This is a negative signal for the Pound, as the construction sector has a strong impact on the economy.
Investment idea: sell 1.2360 and take profit 1.2270.
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