06 June 2023, GBP/USD
GBPUSD trading plan:
British services firms reported the strongest input cost pressures in three months in May and a steep increase in prices charged against a backdrop of solid growth, adding further pressure on the Bank of England to keep raising interest rates. Input cost inflation edged up to the highest since February, and although it is well below its all-time peak a year ago, it remains higher than it was before the COVID-19 pandemic. This is likely to bolster the Bank of England's concern that the British economy now faces persistent inflation pressures. Higher salary payments more than offset lower fuel costs, which meant that overall input price inflation edged up. The BoE is closely monitoring how companies set wages and prices as it attempts to return consumer price inflation to its 2% target, after seven months of double-digit inflation.
Investment idea: buy 1.2402 and take profit 1.2479.
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