06 May 2022, GBP/USD
GBPUSD trading plan:
The Bank of England sent a stark warning that Britain risks a double-whammy of a recession and inflation above 10%. The gloominess of the BoE's new forecasts for the world's fifth-largest economy caught investors by surprise. The BoE said it was also worried about the impact of renewed COVID-19 lockdowns in China which threaten to hit supply chains again and add to inflation pressures. The BoE said British inflation would peak later than in other big advanced economies due to a cap on household energy tariffs. Fuel bills jumped by 54% in April and the BoE now sees a further 40% increase in October, hitting the economy. Real post-tax household disposable income - a measure of living standards - is forecast to fall 1.75% this year, the biggest calendar-year drop since 2011.
Investment idea: sell 1.2385 and take profit 1.2321.
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