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The UK is experiencing a very challenging situation

The UK is experiencing a very challenging situation | 16 June 2023

16 June 2023, GBP/USD

The UK is experiencing a very challenging situation

GBPUSD trading plan:

The Bank of England looks set to raise interest rates by a quarter point to a 15-year high of 4.75% on June 22, its 13th straight rate rise as it fights unexpectedly sticky inflation that risks making it a global outlier. Investors this week bet the Bank of England might hike rates as high as 6% this year - well above where the U.S. Federal Reserve or the European Central Bank are expected to go, and a level not seen in Britain since 2000. BoE Governor Andrew Bailey told a parliament committee on Tuesday inflation was taking "a lot longer than expected" to come down and the labour market was "very tight". Bailey was speaking just after official figures showed basic pay in the three months to April rose by an annual 7.2% - the fastest on record, excluding periods where the data was distorted by the COVID-19 pandemic.

Investment idea: sell 1.2825 and take profit 1.2750.

David Johnson
Analyst of «FreshForex» company
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