26 January 2023, GBP/USD
GBPUSD trading plan:
Britain's manufacturers unexpectedly reduced their prices in December by the most since April 2020, welcome news for the Bank of England which is weighing up how much higher it needs to take interest rates to fight soaring inflation. Output prices fell by 0.8% in December from November, the Office for National Statistics said. Input prices paid by factories fell by 1.1% in month-on-month terms, also the biggest drop since April 2020, when much of Britain's economy shut down at the start of the coronavirus crisis, the ONS said. The central bank is watching for signs of future inflation pressure. Investors expect the BoE to raise interest rates for a 10th time in a row on Feb. 2 with most pricing in another half-percentage-point increase to 4%.
Investment idea: buy 1.2380 and take profit 1.2450.
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