01 May 2023, GBP/USD
GBPUSD trading plan:
U.S. consumer spending was unchanged in March as an increase in outlays on services was offset by a decline in goods, but persistent strength in underlying inflation pressures could see the Federal Reserve raising interest rates again this week. Stubbornly high inflation was underscored by other data on Friday showing labor costs increasing solidly in the first quarter as a tight labor market continued to drive wage gains in the private sector. With the economy, however, shifting to lower gear, the anticipated rate hike this Wednesday could be the last in the current cycle, which is the fastest since the 1980s. Though inflation is gradually slowing it remains elevated. The personal consumption expenditures price index gained 0.1% in March, the smallest increase since last July, after rising 0.3% in February. In the 12 months through March, the PCE price index increased 4.2%. That was the smallest advance since May 2021 and followed a 5.1% rise in February.
Investment idea: buy 1.2505 and take profit 1.2575.
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