02 May 2023, GBP/USD
GBPUSD trading plan:
Inflation expectations in Britain eased in April, bank Citi said, offering some relief to the Bank of England which is expected to announce a 12th straight interest rate hike next week with investors betting on further increases after that. Citi said its monthly survey conducted by market research company YouGov showed public expectations for inflation in 12 months' time eased to 5.2% in April from 5.4% in March and expectations for five to 10 years ahead fell to 3.6% from 3.7%. The BoE is widely expected to raise borrowing costs again on May 11 after its monthly monetary policy meeting, with inflation running at five times its 2% target. Investors are putting a 92% probability on a 25 basis-point increase in Bank Rate to 4.5% and roughly 50 chances of hitting 5% by August.
Investment idea: buy 1.2445 and take profit 1.2522.
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