01 September 2023, GBP/USD
GBPUSD trading plan:
U.S. consumer spending increased by the most in six months in July as Americans bought more goods and services, but slowing monthly inflation rates cemented expectations that the Federal Reserve would keep interest rates unchanged next month. The report from the Commerce Department, together with other data showing an unexpected decline in first-time applications for unemployment benefits last week, further diminished the risks of a recession this year. The current pace of increase in consumer spending is, however, unlikely sustainable. Households are drawing down excess savings accumulated during the COVID-19 pandemic. Student debt repayments resume in October for millions of Americans and higher borrowing costs could make it harder for consumers to keep using credit cards to fund purchases.
Investment idea: sell 1.2688 and take profit 1.2601.
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