16 January 2023, GBP/USD
GBPUSD trading plan:
US short-term inflation expectations fell in early January to the lowest in nearly two years, providing a bigger-than-expected boost to consumer sentiment. Respondents said they expect prices to advance 4% over the next year, the lowest since April 2021, the University of Michigan’s preliminary survey reading showed. Consumers expect inflation to rise 3% over the next five to ten years, a slight uptick from the prior month. The Federal Reserve watches long-term views especially closely, as expectations can become self-fulfilling and lead to higher prices. Combined with a strong labor market, Americans are feeling increasingly upbeat about the economy and their finances. Prices at the pump have fallen sharply from summer highs, grocery inflation has slowed and unemployment has retreated to a five-decade low.
Investment idea: buy 1.2205 and take profit 1.2266.
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