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Good and bad news | 28 October 2021

28 October 2021, GBP/USD

Good and bad news

GBPUSD trading plan:

Bank of England Governor Andrew Bailey signaled that the BoE would act to curb inflation expectations. Futures markets now fully price in a 15 basis point BoE rate hike on Nov. 4 and another 25 basis point move in December. This is a positive signal for the pound. The downward trend in the oil market will have a negative impact on the value of the British currency, as assets correlate with each other. The bigger-than-expected rise in U.S. crude stocks gave some investors an impetus to unload long positions. Crude oil inventories rose by 4.3 million barrels last week, according to the U.S. Energy Department, more than the expected 1.9 million-barrel gain.

Investment idea: range 1.3715 -1.3815.

David Johnson
Analyst of «FreshForex» company
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