24 May 2023, GBP/USD
GBPUSD trading plan:
British consumer price inflation fell by less than expected to 8.7% in April from March's 10.1% and a measure of core inflation unexpectedly rose. The data are likely to reinforce expectations that the Bank of England will be forced to raise interest rates again. Core inflation, which excludes energy, food and tobacco prices, rose to 6.8% - the highest rate since March 1992. Despite the most recent fall, inflation continued to eat into the spending power of workers whose pay is rising by less. The BoE is due to announce its next decision on rates on June 22.
Investment idea: buy 1.2428 and take profit 1.2510.
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