22 February 2022, GBP/USD
GBPUSD trading plan:
U.K. services companies rebounded more quickly than anticipated in February. The travel, leisure and entertainment industries roared back to life after spending was hit by the omicron outbreak in January, the survey of purchasing managers by IHS Markit showed. An index of services-sector activity soared by 6.7 percentage points to 60.8, the highest for eight months. The resurgence was accompanied by intensifying inflation pressures, with costs rising at the second-fastest pace on record and services firms hiking prices in response. Traders are fully pricing in a 25 basis-point interest-rate increase when the BOE next meets in March, with the strong possibility of a 50 basis-point move, a scale unprecedented since the BOE gained independence in 1997.
Investment idea: buy 1.3550 and take profit 1.3617.
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