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Good news for the British currency

Good news for the British currency | 05 February 2020

05 February 2020, GBP/USD

Good news for the British currency

GBPUSD trading plan:

We are expecting an uptrend to develop. A measure of Britain's building industry had its strongest month-on-month improvement in almost two years in January. The IHS Market UK Construction Purchasing Managers' Index rose to 48.4 from 44.4. Some survey respondents said the reduction in political uncertainty after the Dec. 12 election might unlock new projects and boost client spending. This factor forces investors to increase long positions in the British currency. The positive dynamics of the oil market may provide additional support for the pound. The Organization of the Petroleum Exporting Countries and its allies led by Russia, a group known as OPEC+, weighed the impact on global oil demand, and economic growth, of the coronavirus outbreak at a meeting on Tuesday, hearing from China's envoy to the United Nations in Vienna. Producers are weighing further output cuts and moving a planned policy meeting to February rather than March.

Trading recommendation: Buy 1.3035 and take profit 1.3070.

David Johnson
Analyst of «FreshForex» company
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