11 May 2023, GBP/USD
GBPUSD trading plan:
The Bank of England is poised to raise borrowing costs for the 12th meeting in a row, as it tries to tackle stubbornly high inflation that stands at double the level of the United States and much higher than in the euro zone too. The prospect of further rate hikes adds to the dilemma for the BoE, which was the first major central bank to start raising borrowing costs in December 2021 but which has been accused by critics of not moving aggressively enough as inflation headed towards a four-decade high of 11.1% struck in October. But Governor Andrew Bailey and most of his colleagues have shown they remain uneasy with an inflation rate that held above 10% in March - more than five times their target - with pay growth also far above its historical average.
Investment idea: buy 1.2579 and take profit 1.2669.
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