31 August 2023, GBP/USD
GBPUSD trading plan:
British companies are their most confident since, according to a survey that also showed they planned to keep on raising prices and staff pay, adding to worries for the Bank of England about high inflation. The BoE raised rates for the 14th time in a row this month to counter an inflation rate running at almost 7%. But the quarter-percentage-point increase was smaller than June's 50-basis-point hike. Investors mostly expect the Bank Rate to peak this year at 5.75%, up from its current level of 5.25%. Britain has avoided a widely forecast recession so far this year but worries about an economic slowdown grew last week when a measure of business activity in August fell to its lowest since January 2021.
Investment idea: range 1.2660 -1.2750.
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