03 February 2023, GBP/USD
GBPUSD trading plan:
The Bank of England signalled the tide was turning in its battle against high inflation after it raised interest rates on Thursday for the 10th meeting in a row, prompting investors to prepare for the end of its run of higher borrowing costs. The BoE's interest rate setters voted 7-2 to push Bank Rate to 4.0% - its highest since 2008 - from 3.5%. "We've seen the first signs that inflation has turned the corner," Governor Andrew Bailey told after the rate hike. "But it's too soon to declare victory just yet, inflationary pressures are still there." Bailey said labour market data would be key for understanding how quickly inflation falls. Current pay settlements giving average raises of 6% were a concern, but there were signs that they would fall later this year.
Investment idea: range 1.2160 -1.2260
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