04 November 2022, GBP/USD
GBPUSD trading plan:
Investors trimmed their bets on the peak for British interest rates after the Bank of England told them their expectations were too high, as it raised borrowing costs by their most since 1989. The BoE increased Bank Rate to 3% from 2.25% even as it said Britain's economy might not grow for another two years, a slump longer than during the 2008-09 financial crisis. Short-dated gilts outperformed against similar debt in other major government bond markets as investors adjusted to BoE Governor Andrew Bailey's warning that rates would go up by "less than currently priced in financial markets". But the overnight index swaps market now shows a peak of around 4.7% in September this year, down a touch from almost 4.75% before the BoE's interest rate decision.
Investment idea: range 1.1120 -1.1220.
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