GBPUSD – Flat
GBPUSD trading plan:
Britain’s economy showed signs of a slowdown this month but inflation pressures stayed high, according to a survey published a day after the Bank of England raised interest rates sharply and said it was ready to do more to tame price growth. S&P Global Composite Purchasing Managers‘ Index – covering businesses in the services and manufacturing sectors – dropped to a three-month low of 52.8 in June, a preliminary reading fresh showed, down from 54.0 in May and hit by the weakest growth in new orders since January as factories suffered. The preliminary or ‚flash‘ survey showed Britain’s services sector grew at its slowest pace in three months while the manufacturing sector contracted by the most in six months. One exception to the downturn was the strongest growth in hiring since September last year, generating higher wage growth and feeding into the inflation pressures in the service sector which are a particular worry for the BoE.
Investment idea: sell 1.2755 and take profit 1.2685.
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