GBPUSD – Flat
GBPUSD trading plan:
British manufacturing lost more momentum in June than first estimated as new orders contracted at the fastest rate in two years, according to a survey that adds to signs of a stalling economy. The UK manufacturing purchasing managers‘ index fell to 52.8 from 54.6 in May. The survey showed factory output barely grew and manufacturers were their gloomiest about the outlook since May 2020. Price pressures, while still elevated, eased further from recent all-time highs. Overall, the PMI underlined the risk of a sharp slowdown or a recession in Britain, with manufacturers in other major European countries similarly struggling as inflation surges towards double-digit levels. Firms raised concerns about flat domestic demand, weaker export markets, inflationary pressure, the effect of the increased cost of living on consumer demand and supply chain issues.
Investment idea: sell 1.2145 and take profit 1.2045.
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