27 July 2022, GBP/USD
GBPUSD trading plan:
U.S. consumer confidence dropped to nearly a 1-1/2-year low in July amid persistent worries about higher inflation and rising interest rates, pointing to slower economic growth at the start of the third quarter. The survey from the Conference Board also showed consumers were less optimistic in their assessment of the labor market. That, combined with other data showing new home sales tumbled to their lowest level in just over two years in June, painted a picture of an economy vulnerable to a recession. Economic activity is cooling as the Federal Reserve aggressively tightens monetary policy to tame inflation. The U.S. central bank is expected to raise its policy rate by another 75 basis points, which would bring the total interest rate hikes since March to 225 basis points.
Investment idea: sell 1.2040 and take profit 1.1955.
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