23 February 2022, GBP/USD
GBPUSD trading plan:
The Bank of England will need to raise interest rates slightlymore over the coming months, but their longer-term path is hard to predict due to uncertainties including the Russia-Ukraine conflict, Deputy Governor Dave Ramsden said. The BoE raised interest rates to 0.5% this month from 0.25%, but Ramsden was part of a minority who voted for a bigger increase to 0.75%, which would have been the first half-point rise since BoE independence in 1997. Traders are pricing in another rate hike at the BoE's next scheduled meeting which concludes on March 17. Financial markets currently price in BoE rates rising to nearly 2% by the end of this year -- well above the levels which the BoE's forecasts published on Feb. 3 suggested would be needed to get inflation back to its 2% target by early 2024.
Investment idea: buy 1.3571 and take profit 1.3630.
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