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Correction | 05 July 2019

05 July 2019, GBP/USD

Correction

GBPUSD trading plan:

Investors are close short positions on the British currency today, which will have a positive impact on the value of the pound sterling. A negative report on the labor market in the US in June will cause sales of the U.S. dollar. This report is very important for the Federal Reserve. Investors are expected FED interest rates to decline on July 31 and September 18. A new portion of negative macroeconomic statistics will force investors to quickly sell the U.S. currency. We are expecting a bullish rally in the oil market today. The number of oil drilling platforms is decreasing in the North America. This is a positive signal for the oil bulls! This factor will have a positive impact on the value of the British currency, as there is a correlation of the pound sterling and BRENT.

Trading recommendation: Buy 1.2556 and take profit 1.2620.

David Johnson
Analyst of «FreshForex» company
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