GBPUSD – Flat
GBPUSD trading plan:
Britain’s economy contracted by less than feared in June, when public holidays had been expected to exert a big drag, although sectors most exposed to a worsening cost of living crisis, like retail and restaurants, struggled. Output for the second quarter as a whole still contracted, however, with Britain expected to enter a long downturn at the end of the year in the face of surging inflation and rising interests’ rates. The Office for National Statistics said gross domestic product fell by 0.6% in June, the biggest contraction since January 2021. Bank of England predicted Britain would enter a recession at the end of 2022 and not emerge until early 2024 as it raised interest rates to battle inflation, which it said was likely to exceed 13% in October.
Investment idea: sell 1.2120 and take profit 1.2060.
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