10 May 2023, GBP/USD
GBPUSD trading plan:
British retail sales growth held steady in April but high inflation meant shoppers were getting less for their money, and unsettled weather discouraged many from buying summer clothes, a British Retail Consortium fresh survey showed. Like-for-like retail sales - a measure favoured by equity traders which adjusts for changes in retail space - were 5.2% higher on the year, similar to previous months. The Bank of England has forecast price rises will slow by the end of this year, but British households are currently contending with the highest inflation in western Europe, running at 10.1% in March, more than five times the Bank's 2% target. The BoE is expected to raise the key base rate to 4.5% next week.
Investment idea: buy 1.2575 and take profit 1.2655.
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