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The BoE could be facing its worst nightmare

The BoE could be facing its worst nightmare | 20 June 2023

20 June 2023, GBP/USD

GBPUSD trading plan:

The Bank of England is facing a stormy gilts market. The Bank of England could be facing its worst nightmare - an economy that's barely growing and the shadow of a 1970s-style wage price spiral. Earnings are growing at their fastest clip-on record - excluding the pandemic. The jobs market is tight, the cost of living is high and workers, both in the public and private sectors, are pushing for better pay to make ends meet. Add to that a surge in the government's borrowing costs to their highest since 2008 and the pressure that is putting on an already-struggling mortgage market and the central bank's position is looking unenviable.

Investment idea: sell 1.2835 and take profit 1.2780.

David Johnson
Analyst of «FreshForex» company
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