02 March 2022, GBP/USD
GBPUSD trading plan:
Britain faces an inflation dilemma, with the added complication of an energy-linked hit to growth. British annual consumer price inflation hit 5.5% in January, the highest since 1992. While the BoE expects CPI to peak around 7.25%. On Wednesday, 25 bps rate rises were almost fully priced in for the BoE meetings in both March and May, although markets now see a roughly 10% change it may not tighten policy this month - an element of doubt that has only recently crept in. A total of four quarter-point rate rises is now factory in for 2022, versus five late last week and sex in mid-February. This is a negative signal for the British currency.
Investment idea: sell 1.3338 and take profit 1.3355.
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