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High political risks

High political risks | 25 June 2019

25 June 2019, GBP/USD

High political risks

GBPUSD trading plan:

Investment funds increase their short positions on the British currency. CFTC reports indicate maximum sales for the last four months. Investors fear the coming to power of Boris Johnson who opposes the agreement of the United Kingdom and Brussels. Johnson is the favorite to win a vote of 160,000 Conservative Party members who will decide who will be the next prime minister. He has cast himself as the only candidate who can deliver BREXIT on Oct. 31. Johnson said that he would lead the United Kingdom out of the EU on Oct. 31 with or without a deal.

Bullish rally in the oil market will have a positive impact on the value of the British currency, as there is a correlation between GBPUSD and BRENT. Geopolitical tensions between the USA and Iran support oil quotes.

Trading recommendation: range 1.2705 -1.2795.

David Johnson
Analyst of «FreshForex» company
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