GBPUSD – Flat
GBPUSD trading plan:
Britain’s economy ended August on a much weaker footing than previously thought as overall business activity contracted for the first time since February 2021 in a clear signal of recession, a survey showed. Data company S&P Global revised down its composite Purchasing Managers‘ Index, which covers the services and manufacturing sectors, to 49.6 from a preliminary „flash“ August reading of 50.9. The data showed Britain’s economy is on course to slip into a recession caused by soaring energy costs that are feeding double-digit rates of inflation. The Bank of England is monitoring inflation’s spread in the economy as it weighs up how much further it needs to raise interest rates, having increased borrowing costs six times since December.
Investment idea: sell 1.1630 and take profit 1.1550.
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