19 April 2023, GBP/USD
GBPUSD trading plan:
UK inflation eases by less than expected. The Consumer Prices Index rose by 10.1% in the 12 months to March 2023, down from 10.4% in February, according to the Office for National Statistics. The fall in prices mainly reflected changes in the transport division, particularly for motor fuels. There were also downward effects from housing and household services, furniture and household goods, clothing and footwear, and restaurants and hotels. These were partially offset by upward effects coming from food and non-alcoholic beverages, and recreation and culture. The figures are a key print for the Bank of England as it mulls its latest monetary policy move with a 25-basis point rise in interest rates currently expected at the next meeting of the Monetary Policy Committee. Financial markets pointed to a roughly 85% chance that the BoE will raise interest rates next month.
Investment idea: buy 1.2400 and take profit 1.2470.
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