28 June 2021, GBP/USD
GBPUSD trading plan:
Good and bad news for the British currency. Bank of England Chief Economist Andy Haldane said the central bank’s new forecast that inflation will breach 3% could prove too low and price pressure could accelerate not only this year but in 2022 as well. “I am of the view that it could stick around for a bit longer and... therefore we could be in for a breach of our 2% inflation target for a somewhat lengthier period than we are currently factoring in,” he said. This is a negative signal for the pound. A bullish rally in the oil market will have a positive impact on the value of the British currency, since assets are correlated with each other. Booming consumption from miners, manufacturers, shipping and trucking firms, as well as private motorists, is expected to offset the continued loss of jet fuel consumption from quarantine restrictions on passenger aviation.
Investment idea: range 1.3860 -1.3950.
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