20 September 2023, GBP/USD
GBPUSD trading plan:
British annual consumer price inflation unexpectedly fell to 6.7% in August, official data showed, raising questions about how much higher the Bank of England will take interest rates a day before its next policy announcement. The surprise drop in the inflation rate pushed down sterling sharply against the U.S. dollar and the euro as investors scaled back their bets on future interest rate increases by the BoE. The Office for National Statistics said the fall was driven by a drop in hotel prices and air fares, which are often volatile, and by food prices rising by less than at the same time last year. Investors have expected the BoE to raise interest rates for the 15th time in a row on Thursday, taking Bank Rate to 5.5% from 5.25%. Many traders think that could be the last hike in the BoE's tightening cycle as Britain's economy slows.
Investment idea: sell 1.2394 and take profit 1.2311.
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