07 November 2022, GBP/USD
GBPUSD trading plan:
The risk of a two-year recession in Britain, flagged last week by the Bank of England, underscores the high stakes for Prime Minister Rishi Sunak and his finance minister Jeremy Hunt as they prepare to announce major tax increases and spending cuts. The BoE said that Britain's economy would shrink for eight three-month quarters in a row - the longest such run in at least a century - if interest rates go up by as much as financial markets have been expecting recently. That would be a longer and shallower economic contraction than the ones that followed the COVID-19 lockdowns and the global financial crisis of 2007-09. Against that backdrop, Sunak and Hunt must deliver a plan to repair the public finances that not only reassures investors who took fright at former prime minister Liz Truss's unfunded tax cut plans but which also limits the hit to the economy.
Investment idea: range 1.1270 -1.1390.
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