11 July 2023, GBP/USD
GBPUSD trading plan:
A key measure of British wages matched its highest growth rate on record but there were also some signs that the inflationary heat in the labour market is subsiding, offering the prospect of some relief ahead for the Bank of England. The 7.3% increase in basic earnings in the three months to May matched the reading in the three months to April - which was revised up from an initial estimate of 7.2% - and also the second quarter of 2021, the Office for National Statistics said. But the figures also suggested that the labour market was becoming less tight as the unemployment rate unexpectedly rose to 4.0% from 3.8% in the three months to April and vacancies extended their run of falls to their lowest since mid-2021. The yields on two-year British government bonds, which are sensitive to speculation about interest rates, fell by around three basis points in early trade.
Investment idea: sell 1.2900 and take profit 1.2820.
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