25 October 2021, GBP/USD
GBPUSD trading plan:
October PMI data highlighted a robust and accelerated increase in UK private sector business activity, with growth the strongest for three months. Survey respondents widely reported buoyant business and consumer spending due to the rollback of pandemic restrictions. Service sector activity outpaced manufacturing production by the widest margin since February 2009. Growth is also being accompanied by an unprecedented rise in inflationary pressures, which will inevitably feed through into higher consumer prices in coming months. The news comes at a time when the Bank of England is already leaning towards hiking interest rates to safeguard against inflationary expectations becoming entrenched.
Investment idea: buy 1.3748 and take profit 1.3811.
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