02 October 2023, GBP/USD
GBPUSD trading plan:
The dollar has gained on expectations that the U.S. economy will remain more resilient to higher interest rates and oil prices than other economies, after the Federal Reserve last week warned it may hike rates further and is likely to hold them higher for longer. A measure of inflation closely watched by the Federal Reserve has now averaged near the central bank's 2% target for the last three months, another step forward in the Fed's inflation battle and a sign that price increases have continued slowing despite better-than-expected job and economic growth. The Federal Reserve System can still raise interest rates at its meeting on 1 November, which is favourable for a stronger dollar.
Investment idea: sell 1.2239 and take profit 1.2167.
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