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The BoE is preparing to raise the interest rate

The BoE is preparing to raise the interest rate | 12 October 2021

12 October 2021, GBP/USD

GBPUSD trading plan:

Governor Andrew Bailey said in an interview published, that inflation running above target must be managed to prevent it from becoming permanently embedded. Michael Saunders, another Monetary Policy Committee member, said it was “appropriate” that markets had started to price in rate hikes much sooner than previously. Traders are betting the BoE could raise its benchmark Bank Rate from a record low of 0.1% possibly as soon as its Nov. 4 meeting, ahead of its U.S. and euro zone peers and following in the footsteps of central banks in Norway and New Zealand. This is a positive signal for the British currency.

Investment idea: buy 1.3580 and take profit 1.3655.

David Johnson
Analyst of «FreshForex» company
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