10 August 2022, GBP/USD
GBPUSD trading plan:
The direction hinges on what happens with inflation -- a data point whose path virtually no one has accurately predicted since the Federal Reserve rushed to rescue the economy from the pandemic shutdown. Today will bring the latest reading at a time when markets have rarely been more baffling, as investors try to figure out the path and impact of central bank policy and strategists continue to deliver a shockingly wide range of outlooks. The CPI probably increased at an annualized rate of 8.7% in July, according to a survey of economists. While that’s down from a four-decade high of 9.1% in June, it’s way above the Fed’s 2% inflation goal. This is a negative signal for the dollar.
Investment idea: buy 1.2055 and take profit 1.2111.
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