GBPUSD – Flat
GBPUSD trading plan:
Britain reported a record jump in the number of people leaving the labour market in the three months to August, adding to the Bank of England’s inflation headaches. The leap pushed the unemployment rate down to its lowest since 1974 at 3.5%, below a median forecast of 3.6%. While there were tentative signs that the labour market is cooling from the red-hot conditions seen in recent months, the shortfall in labour supply is keeping it exceptionally tight. That will maintain intense pressure on the Bank of England to raise rates aggressively over the coming months. Traders are betting heavily on a full percentage-point increase in its next policy announcement on Nov. 3 as it moves to offset the inflationary implications of the tax cuts.
Investment idea: buy 1.0980 and take profit 1.1060.
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