BoE to raise rates again next month | 24 Abril 2023

GBPUSD trading plan:

British businesses reported their busiest month in a year and consumers turned more confident, according to surveys published that added to signs of a recovery in the economy that has so far defied forecasts of a recession. The PMI - spanning services and manufacturing firms - rose to 53.9 in April from 52.2 in March, putting it further above the 50-line denoting growth for the third consecutive month and representing the strongest growth since April last year. Last month the BoE said it expected modest economic growth in the second quarter of 2023, though it still predicted a contraction in the first quarter. It is widely expected to increase borrowing costs for the 12th meeting in a row in May as it continues to grapple with an inflation rate above 10%.

Investment idea: buy 1.2395 and take profit 1.2475.