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New currency interventions

New currency interventions | 11 October 2022

11 October 2022, GBP/USD

GBPUSD trading plan:

The Bank of England bought 853.1 million pounds of long-dated government bonds on Monday, its most since Sept. 30, but far fewer than the 10 billion pounds' worth which it said it was open to buying earlier in the day. The BoE confirmed earlier in the day that it intends to end its daily programme of gilt purchases on Oct. 14, but said it was doubling the maximum volume of gilts that it was prepared to buy to 10 billion pounds. The BoE has bought more than 5 billion pounds of gilts in total since the operations started on Sept. 28 in a bid to calm turmoil in the British government bond market triggered by the government's tax cut plans.

Investment idea: buy 1.1000 and take profit 1.1070.

David Johnson
Analyst of «FreshForex» company
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