Negative macroeconomic statistics from the UK | 04 July 2023

GBPUSD trading plan:

The British public's expectations for inflation over the coming year rose in June but long-run expectations eased, according to a survey that will feed into the Bank of England's next debate about how high it needs to raise interest rates. Public expectations for inflation in 12 months' time increased to 5.0% in June from 4.7% in May, the monthly survey by U.S. bank Citi and polling firm YouGov showed. The BoE is watching measures of inflation expectations as it worries about price growth pressures in the economy. It stepped up its attempts to bring down inflation to its 2% target - from 8.7% in May - with a bigger-than-expected half-a-percentage-point interest rate increase last month.

Investment idea: sell 1.2710 and take profit 1.2640.