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The BoE should stick to its guns

The BoE should stick to its guns | 22 June 2023

22 June 2023, GBP/USD

The BoE should stick to its guns

GBPUSD trading plan:

British inflation defied predictions of a slowdown and held at 8.7% in May, putting yet more pressure on the Bank of England. The headline figure means British inflation is once again the fastest of any major advanced economy. The numbers are uncomfortable for Prime Minister Rishi Sunak - who has pledged to halve inflation this year before a probable 2024 election - and are likely to add to the rise in mortgage costs for millions of homeowners. The BoE's Monetary Policy Committee was now likely to increase borrowing costs by more over the coming months. Bank Rate - which currently stands at 4.5% - to peak at 5.25%, up from its previous 5% call.

Investment idea: buy 1.2730 and take profit 1.2800.

David Johnson
Analyst of «FreshForex» company
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