18 August 2023, GBP/USD
GBPUSD trading plan:
British retailers reported a bigger-than-expected drop in sales in July as heavy rain put off shoppers who are also feeling the hit from high inflation and 14 back-to-back increases in interest rates. Official data showed sales volumes last month were 1.2% lower than in June. "It was a particularly bad month for supermarkets as the summer washout combined with the increased cost of living meant sluggish sales for both clothing and food," Heather Bovill, deputy director for surveys and economic indicators at the Office for National Statistics said. As well as the unpredictability of Britain's weather, consumers have been hit by high inflation which stood at almost 7% last month, down from a peak of about 11% last October but still the highest among the world's large rich economies. However, July's data represented only the second time that sales volumes fell on a month-to-month basis so far in 2023, suggesting resilience in consumer demand.
Investment idea: sell 1.2740 and take profit 1.2655.
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