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The Bank of England a headache

The Bank of England a headache | 14 August 2023

14 August 2023, GBP/USD

The Bank of England a headache

GBPUSD trading plan:

Britain's economy eked out unexpected growth in the second quarter, laying the ground for more interest rate hikes from the Bank of England, but it remained the only big advanced economy yet to regain its pre-COVID, late-2019 level. Official data showed the economy grew 0.2% in the second quarter, against the consensus for a flat reading in a Reuters poll of economists. The figures sent the pound sharply higher against the U.S. dollar and euro. It gives the Bank of England a headache - they may well have been thinking about pausing interest rate increases soon, but this data will make that more difficult.

Investment idea: sell 1.2714 and take profit 1.2645.

David Johnson
Analyst of «FreshForex» company
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