16 March 2023, GBP/USD
GBPUSD trading plan:
U.S. producer prices unexpectedly fell in February and the rise in prices in January was not as large as initially thought, offering some hopeful signs in the fight against inflation. Excluding the volatile food and energy components, goods prices gained 0.3% after climbing 0.6% in January. Services prices fell 0.1% for a second straight month. There were decreases in margins for machinery and vehicle wholesaling, which fell 3.9%. Prices for wholesale chemicals and allied products, automobiles and parts retailing, guestroom rental, and airline passenger services also declined. Traders of futures tied to the Fed's policy rate were pricing a slightly better than even chance that policymakers will leave their benchmark lending rate in its current 4.5%-4.75% range at their upcoming meeting on March 21-22.
Investment idea: buy 1.2040 and take profit 1.2140.
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