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The BoE's Bank Rate will hit 6% in February

The BoE's Bank Rate will hit 6% in February | 16 August 2023

16 August 2023, GBP/USD

The BoE's Bank Rate will hit 6% in February

GBPUSD trading plan:

British inflation slowed as expected in July to its lowest annual rate since February 2022, although there were more signs of pressure in core and services prices that the Bank of England is watching closely, data fresh showed. The Office for National Statistics said annual consumer price inflation cooled to 6.8% from June's 7.9%. The ONS said falling gas and electricity prices were the biggest driver behind the drop in inflation, while food price inflation also eased. The BoE is watching core inflation - which strips out volatile food and energy prices - and consumer services prices closely. Financial markets on Wednesday showed a roughly two-thirds chance that the BoE's Bank Rate will hit 6% in February, up from 5.25% now.

Investment idea: buy 1.2740 and take profit 1.2785.

David Johnson
Analyst of «FreshForex» company
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