29 August 2022, GBP/USD
GBPUSD trading plan:
US consumer sentiment rose more than expected in August as year-ahead inflation expectations eased, suggesting Americans are growing more optimistic as gas prices continue to drop. The University of Michigan’s final sentiment index climbed to 58.2, the highest since May, from 51.5 in July. Consumers expect prices will climb at an annual rate of 2.9% over the next five to 10 years, unchanged from last month. They see costs rising 4.8% over the next year, compared to July’s 5.2%. A gauge of current conditions rose to a three-month high of 58.6. A measure of expectations posted the sharpest monthly improvement since 2003, rising to the highest since April. In addition, personal financial expectations rose 12% from the prior month.
Investment idea: sell 1.1710 and take profit 1.1650.
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