22 August 2022, GBP/USD
GBPUSD trading plan:
British households are feeling "a sense of exasperation" about the surging cost of living which has pushed consumer sentiment to its lowest since at least 1974, according to the country's longest-running survey of household finances. The GfK consumer sentiment index sank to a record-low -44 in August from July's reading of -41, which was already the lowest since the survey began. British consumer sentiment has declined steadily over the past year as inflation has risen sharply, climbing above 10% last month for the first time since 1982. To date, the knock-on impact on consumer-facing businesses has been less dramatic, but the Bank of England expects further price rises will tip the economy into recession later this year.
Investment idea: sell 1.1829 and take profit 1.1770.
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