12 October 2023, GBP/USD
GBPUSD trading plan:
Britain's economy partially recovered in August after a sharp drop in July but the bigger picture remained one of only sluggish growth after last year's surge in inflation and 14 back-to-back interest rate hikes by the Bank of England. Official data showed economic output expanded by 0.2% in August from July. But July's drop, when rainy weather and strikes by teachers and other workers hit the economy, was estimated to have been steeper than first thought, falling by 0.6% rather than the initial estimate of 0.5%. The International Monetary Fund this week forecast Britain would have the slowest growth among the Group of Seven nations in 2024. The signs of a slowdown prompted the BoE to refrain from raising borrowing costs again last month.
Investment idea: sell 1.2330 and take profit 1.2230.
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