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The UK labor market was very tight

The UK labor market was very tight | 14 June 2023

14 June 2023, GBP/USD

GBPUSD trading plan:

British wage growth soared and employment also jumped in the three months to April, raising expectations that the Bank of England will raise interest rates again, perhaps several times, to contain unrelenting inflationary pressures. The figures added to signs that the economy is not cooling as the central bank had hoped as Britain contends with one of the highest inflation rates among major advanced economies. BoE Governor Andrew Bailey said the data showed the labour market was "very tight". For the Bank of England, wage growth is a big problem – it is simply at too high a level to allow inflation to hit the 2% target.

Investment idea: buy 1.2480 and take profit 1.2550.

David Johnson
Analyst of «FreshForex» company
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