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The BoE increased its key interest rate

The BoE increased its key interest rate | 12 May 2023

12 May 2023, GBP/USD

GBPUSD trading plan:

The Bank of England raised its key interest rate by a quarter of a percentage point to 4.5% and Governor Andrew Bailey said the British central bank would "stay the course" as it seeks to curb the highest inflation of any major economy. The BoE is no longer predicting a recession after it made the biggest improvement to its growth projections since it first published forecasts in 1997. "We have to stay the course to make sure inflation falls all the way back to the 2% target," Bailey said at the start of a press conference before stressing that the BoE was not sending any signals about its next moves, which would depend on data. The traders have been betting on more increases and after Thursday's decision they were pricing in a peak of almost 5% this autumn.

Investment idea: buy 1.2505 and take profit 1.2640.

David Johnson
Analyst of «FreshForex» company
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