19 May 2022, GBP/USD
GBPUSD trading plan:
British inflation surged last month to its highest annual rate since 1982. Consumer price inflation hit 9% in April, the Office for National Statistics said, surpassing the peaks of the early 1990s recession that many Britons remember for sky-high interest rates and widespread mortgage defaults. Britain has the highest inflation of Europe's big economies and almost certainly in the Group of Seven, with Canada and Japan yet to report April data. Neither are likely to match Britain's price growth which also looks set to be longer-lasting. Soaring energy bills were the biggest inflation driver, reflecting April's increase in regulated energy tariffs. Food prices rose by nearly 7% in the 12 months to April, the ONS said. BoE Governor Andrew Bailey told lawmakers food price rises were a major worry as he apologised for "being apocalyptic for a moment".
Investment idea: sell 1.2430 and take profit 1.2375.
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