04 August 2023, GBP/USD
GBPUSD trading plan:
The Bank of England raised its key interest rate by a quarter of a percentage point to a 15-year peak of 5.25%, its 14th back-to-back increase, and warned that borrowing costs were likely to stay high for some time. While the U.S. Federal Reserve and the European Central Bank signalled that their rate hikes were nearing an end when they both raised borrowing costs by a quarter-point last week, the BoE's Monetary Policy Committee gave no such suggestion it was about to pause as it continues to battle high inflation. British inflation hit a 41-year high of 11.1% last October and has fallen more slowly than elsewhere, standing at 7.9% in June, the highest of any major economy. Deputy Governor Ben Broadbent said keeping relatively high rates over an extended period was key for cutting inflation.
Investment idea: range 1.2650 -1.2750.
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