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Positive macroeconomic statistics from the UK

Positive macroeconomic statistics from the UK | 19 January 2023

19 January 2023, GBP/USD

GBPUSD trading plan:

British inflation eased last month after hitting a 41-year high in October, offering some comfort to the Bank of England, but the pressure on households remained intense as food and drink prices rose at the fastest pace since 1977. Annual consumer price inflation fell to 10.5% in December from November's 10.7%, the Office for National Statistics said. However, while lower prices for petrol and clothing pushed down the headline rate, the cost of food and non-alcoholic beverages was 16.8% higher than a year earlier, the sharpest increase since September 1977, led by eggs, milk and cheese. The Bank of England forecast in November that headline CPI would drop from a peak of 11.1% last October to around 5% by the end of 2023 as energy prices stabilise.

Investment idea: buy 1.2313 and take profit 1.2388.

David Johnson
Analyst of «FreshForex» company
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