31 July 2023, GBP/USD
GBPUSD trading plan:
Annual U.S. inflation rose at its slowest pace in more than two years in June, with underlying price pressures receding, a trend that, if sustained, could push the Federal Reserve closer to ending its fastest interest rate hiking cycle since the 1980s. The improving inflation environment was reinforced by other data showing labor costs posted their smallest increase in two years in the second quarter as wage growth cooled. It mirrored reports this month showing the economy shifting into disinflation mode, with consumer prices moderating sharply in June and producer inflation muted. That, together with labor market resilience, which is underpinning consumer spending, raised cautious optimism of a "soft landing" for the economy envisaged by Fed officials rather than the recession that most economists have been predicting.
Investment idea: sell 1.2890 and take profit 1.2780.
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