GBPUSD – Flat
GBPUSD trading plan:
Soaring food prices pushed British consumer price inflation to a 40-year high of 9.1% last month, the highest rate out of the Group of Seven countries and underlining the severity of the cost-of-living crunch. Some traders judge Britain to be at risk of both persistently high inflation and recession, reflecting its large imported energy bill and continuous Brexit troubles which could further hurt trade ties with the European Union. The Bank of England said last week that inflation was likely to remain above 9% over the coming months before peaking at slightly above 11% in October, when regulated household energy bills are due to rise again.
Investment idea: sell 1.2220 and take profit 1.2137.
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