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Traders are disappointed with the BoE

Traders are disappointed with the BoE | 03 October 2023

03 October 2023, GBP/USD

Traders are disappointed with the BoE

GBPUSD trading plan:

In the first half of the day, we may see a slight upward technical correction as the British currency looks a little oversold, after which the downward trend may continue. Investors are disappointed with the passivity of the Bank of England, which refuses to raise interest rates despite high inflation. The market never favours weak central banks and always gets rid of their currencies. Meanwhile, the US Federal Reserve may raise interest rates at its next meeting on 1 November, as inflationary risks are rising. Against this backdrop, US Treasury yields are rising, providing good support for the dollar.

Investment idea: sell 1.2120 and take profit 1.2020.

David Johnson
Analyst of «FreshForex» company
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