Will the Bank of England hike? | 18 Oktober 2023

18 Oktober 2023, GBP/USD

GBPUSD trading plan:

British consumer price inflation held at an 18-month low of 6.7% in September, official data showed, bucking economists' expectations for a further decline and raising the possibility of a further rise in interest rates. The Bank of England is still expected by financial markets to leave interest rates at 5.25% on Nov. 2, having kept them on hold in September following an unexpected drop in the August inflation rate the day before it announced its decision. Progress in bringing inflation down is proving slow, with the UK generating higher levels of inflation than any other major industrialised nation. The latest inflation statistics do not allow the Bank of England to raise interest rates.

Investment idea: sell 1.2210 and take profit 1.2125.

David Johnson
Analyst of «FreshForex» company
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