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BoE will be forced to stop raising interest rates

BoE will be forced to stop raising interest rates | 05 September 2023

05 September 2023, GBP/USD

GBPUSD trading plan:

British finance minister Jeremy Hunt said inflation was on track to halve by the end of 2023, vowing to focus on the goal as he laid out his priorities ahead of the reopening of parliament after the summer break. Britain's inflation rate is forecast to fall to about 5% by the end of the year - half January's level - and meeting the target would mean one of the five key pledges Prime Minister Rishi Sunak made to voters for 2023 would be met. Hunt said in a statement pressure on household budgets would start to ease as inflation cools. He also highlighted his efforts to increase productivity in the public sector to boost growth. Against this backdrop, the Bank of England will be forced to stop raising interest rates, which is damaging the value of sterling.

Investment idea: sell 1.2550 and take profit 1.2470.

David Johnson
Analyst of «FreshForex» company
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