16 November 2021, GBP/USD
GBPUSD trading plan:
Bank of England Governor Andrew Bailey said he was very uneasy about the inflation outlook. Bailey said he wanted markets to be in no doubt that the central bank would act to counter above-target inflation, even if uncertainty about the outlook for jobs had tipped the balance against raising rates this month. “On the decision itself, however, it was a very close call in my view,” Bailey added. Bailey said neither he nor other BoE officials had ever promised a November rate rise. But he said he had been concerned that some in financial markets doubted the BoE’s willingness to increase borrowing costs to see off rising inflation. Financial markets currently price in a near 100% chance that the BoE will price in a rise in rates to 0.25% from 0.1% in December.
Investment idea: buy 1.3430 and take profit 1.3491.
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