20 July 2023, GBP/USD
GBPUSD trading plan:
The Bank of England should speed up the pace at which it is unwinding its 800-billion-pound stockpile of government bonds bought as part of its quantitative easing operations, Deputy Governor Dave Ramsden said. Last September the BoE said it would reduce its gilt holdings by 80 billion pounds over the coming 12 months, split roughly equally between outright sales and not reinvesting the proceeds of gilts which mature. The BoE is due to set out a new sales programme alongside its Sept. 21 interest rate announcement. Ramsden said more gilts were due to mature from the BoE's portfolio in the 12 months from September 2023 than in the 12 months before, meaning quantitative tightening could accelerate without increasing outright sales.
Investment idea: sell 1.2958 and take profit 1.2881.
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