13 June 2023, GBP/USD
GBPUSD trading plan:
The Bank of England may need to raise interest rates more than once from their current level of 4.5% to bring inflation under control, Monetary Policy Committee member Jonathan Haskel said. "As difficult as our current circumstances are, embedded inflation would be worse," he added. Economists polled expect the BoE to raise its main lending rate to 4.75% next week, and financial markets see interest rates rising as high as 5.5% by the end of this year, as the central bank tries to tackle some of the highest inflation of any major economy. Haskel made similar remarks about the need to push back against inflation in a speech in Washington on May 25, just after official data had shown consumer price inflation fell less than expected in April.
Investment idea: buy 1.2480 and take profit 1.2550.
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