08 September 2023, GBP/USD
GBPUSD trading plan:
U.S. bank profits and deposits were broadly steady in the second quarter, suggesting sector turmoil earlier this year has abated, but regulators are still keeping a close eye on unrealized losses, the Federal Deposit Insurance Corporation said. Overall industry profits in the second quarter fell 11.3% year-on-year to $70.8 billion, driven by the acquisitions of Silicon Valley Bank and two other large lenders which failed from March to May after depositors yanked their cash. Stripping out those rescue deals, profits were up 5.7% from the prior year. While deposits declined for the fifth quarter in a row, they were down just 0.5% compared with a record 2.5% decline in the first quarter. That was driven by a decline in uninsured deposits, while insured deposits actually rose again in the second quarter by 0.8%. This is a positive signal for the US dollar.
Investment idea: sell 1.2518 and take profit 1.2440.
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