03 July 2023, GBP/USD
GBPUSD trading plan:
US consumer sentiment continued to improve through the end of June, while short-term inflation expectations held at a more than two-year low. The University of Michigan’s consumer sentiment index climbed to 64.4 from a preliminary reading of 63.9, according to the final June. Consumers expect prices will climb at an annual rate of 3.3% over the next year, matching the preliminary reading. They see costs rising 3% over the next five to 10 years, the data showed. The pickup in sentiment follows weaker-than-expected May consumer spending data. From February through May, household spending essentially stalled after an early-year surge, a Commerce Department report showed earlier. Key inflation metrics also softened.
Investment idea: sell 1.2720 and take profit 1.2650.
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