GBPUSD – Flat
GBPUSD trading plan:
The British public’s expectations for inflation in future years receded this month to the lowest level since January, a survey showed in good news for Bank of England officials who fear price pressures are becoming embedded. The pollsters YouGov said the expectations for inflation in five to 10 years fell to 4.0% in June from 4.2% in May. Inflation expectations for 12 months’ time were steady at 6.1%, the survey showed. BoE rate-setters are watching surveys for signs that high inflation – which hit a 40-year record of 9.1% last month – is becoming entrenched in the psychology of the British public, which would make it harder to bring inflation back to the BoE’s 2% target. Financial markets show a roughly 73% chance that the BoE will raise its Bank Rate to 1.75% from 1.25% at its next policy decision on Aug. 4.
Investment idea: range 1.2125 – 1.2225.
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