GBPUSD – Flat
GBPUSD trading plan:
British retail sales fell again in June as household finances were squeezed by the rising cost of living but stores expected sales volumes to stabilize next month, a fresh survey showed. The Confederation of British Industry’s monthly distributive trades index fell to -9 from -10 in May. Another contraction in sales volumes attests to the difficult trading environment being faced by the retail sector. Households‘ finances are still under pressure from high inflation. With price growth far above the Bank of England’s 2% target, analysts expect the central bank to continue raising Bank Rate having already raised it 13 times in a row since December 2021. Markets are now pricing in a terminal rate of 6.00%.
Investment idea: sell 1.2785 and take profit 1.2725.
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