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Investors scaled back their bets

Investors scaled back their bets | 29 November 2021

29 November 2021, GBP/USD

GBPUSD trading plan:

Investors scaled back their bets on the chance of a Bank of England interest rate hike in December after a coronavirus variant that might be harder to combat with vaccines was detected in South Africa. Interest rate futures were pricing a roughly 55% chance of a 15 basis-point rate hike by the BoE on Dec. 16 - after its next scheduled monetary policy meeting - compared with a roughly 82% chance on Monday. Yields on 10-year British government bonds tumbled by 15 basis points, their biggest one-day fall since the onset of the financial crisis in March 2020, mirroring moves in U.S. Treasuries and other government bonds. This is a negative signal for the British currency.

Investment idea: sell 1.3360 and take profit 1.3315.

David Johnson
Analyst of «FreshForex» company
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