09 August 2023, GBP/USD
GBPUSD trading plan:
The Bank of England will not succeed in returning inflation to its 2% target before 2028 at the earliest, according to forecasts from a leading academic think-tank which warned the British economy was succumbing to stagnation. The National Institute of Economic and Social Research forecast inflation will fall from 7.9% now to 5.2% by the end of 2023 but will be slower to drop thereafter, averaging just above the BoE's 2% target in 2025, 2026 and 2027. The economy would grow by a meagre 0.4% this year and 0.3% in 2024 - little changed from NIESR's growth forecasts three months ago of 0.3% and 0.6% for this year and next. British economic output is not on track to return to its pre-pandemic peak until late 2024, representing zero growth over a five-year period, NIESR predicted.
Investment idea: sell 1.2800 and take profit 1.2725.
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