03 November 2023, GBP/USD
GBPUSD trading plan:
The Bank of England reckons the UK economy has only felt half the effects of a near two-year interest rate squeeze so far - and markets doubt it will allow it to take the whole dose. A brutal five percentage point rate hiking cycle that started late in 2021 may well have ended but its hit on household demand and economic activity to date may well double from here, according to the BoE's own calculations. The BoE's voluminous Monetary Policy Report, released alongside its decision to hold policy rates steady at 5.25% on Thursday, assessed the delay with which credit tightening enacted so far is eating into household wallets.
Investment idea: sell 1.2219 and take profit 1.2127.
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