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The stubborn UK inflation figures

The stubborn UK inflation figures | 23 June 2023

23 June 2023, GBP/USD

GBPUSD trading plan:

The Bank of England's monetary policy committee hiked interest rates half a point to 5.0%. It was the 13th rate rise in a row as policymakers look to get a grip on inflation that has remained stubbornly high. The MPC voted by a majority of 7–2 to increase rate to 5%, with two members preferred to maintain bank rate at 4.5%, as in the previous meeting. In recent weeks, markets started to fully price in a move to 6% bank rate over the coming months from BoE boss Andrew Bailey and his colleagues, returning to the levels seen after the 'mini budget' turmoil last September.

Investment idea: sell 1.2740 and take profit 1.2680.

David Johnson
Analyst of «FreshForex» company
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