GBPUSD – Flat
GBPUSD trading plan:
British factory orders and output contracted as stocks of finished goods piled higher, according to a fresh survey, that underlined the recent weak performance of the manufacturing sector but also pointed to easing inflation pressures ahead. The Confederation of British Industry’s monthly gauge of industrial orders held at -20 in April, unchanged from March’s reading that had marked a more than two-year low. On the plus side for the Bank of England as it ponders how much further to raise interest rates to curb the jump in inflation, cost pressures receded further. In a further sign of a cooling labour market, the CBI said employment expectations for the coming three months touched their lowest reading since January 2021.
Investment idea: buy 1.2375 and take profit 1.2510.
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