06 March 2023, GBP/USD
GBPUSD trading plan:
Britain's dominant services sector grew at the fastest pace in eight months in February, boosted by stronger business confidence and an improved economic outlook, a fresh survey published showed. S&P Global said the recovery in business activity in the services sector, which grew for the first time since August, was partly linked to expectations of interest rates peaking. Financial markets expect the Bank of England's main rate to top out at 4.75% in August, up from 4.0% now. The Bank of England is closely monitoring wage-setting and how companies pass on their higher costs to customers as it attempts to return double-digit inflation to its 2% target. BoE policymakers have been split for several months over how persistent the underlying inflation pressures will prove, resulting in different views on the path of interest rates.
Investment idea: buy 1.2009 and take profit 1.2111.
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