08 September 2022, GBP/USD
GBPUSD trading plan:
Britain's new Prime Minister Liz Truss readied the final details of a plan to tackle soaring energy bills, which looks likely to cool inflation but add more than 100 billion pounds to the country's borrowing. Truss ruled out demands by the opposition Labour Party that she fund some of the spending by raising taxes on energy firms. "I am against a windfall tax. I believe it is the wrong thing to be putting companies off investing in the United Kingdom," Truss told lawmakers. While the fall in sterling could add to the inflation pressures in the economy, the expected price freeze plan was likely to help ease the cost-of-living squeeze on consumers which had been shaping up to be the most severe in decades. BoE Chief Economist Huw Pill said the plan could slow inflation - which surpassed 10% in July - although it was too soon to say what the implications for the central bank's run of interest rate increases would be.
Investment idea: buy 1.1500 and take profit 1.1566.
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