GBPUSD – Flat
GBPUSD trading plan:
Britain’s super-hot labour market showed signs of cooling. The unemployment rate of 3.8% in the three months to June was unchanged from last month’s report, close to a half-century low despite Bank of England warnings that the economy is likely to slip into recession later this year. Job vacancies in the three months to July fell for the first time since mid-2020 but stayed close to a record high at 1.274 million. The BoE expects the jobless rate will only start to rise from mid-2023 before increasing to 6.3% in three years‘ time. The central bank raised borrowing costs by the most since 1995 earlier this month and said it remained ready to act forcefully if that pressure became more persistent. The ONS data showed wages excluding bonuses in the second quarter were 4.7% higher than a year earlier, picking up pace from the three months to May and potentially adding to concerns at the BoE.
Investment idea: buy 1.2000 and take profit 1.2066.
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