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Positive macroeconomic statistics from the United States

Positive macroeconomic statistics from the United States | 06 March 2020

06 March 2020, GBP/USD

Positive macroeconomic statistics from the United States

GBPUSD trading plan:

The Organization of the Petroleum Exporting Countries on Thursday pushed for crude output by OPEC and associated producers - a group known as OPEC+ - to be cut by an extra 1.5 million barrels per day bpd in total until the end of 2020. The call came ahead of an OPEC+ meeting scheduled for Friday in Vienna. Non-OPEC states were expected to contribute 500,000 bpd to the overall extra cut, OPEC ministers said. This is a good signal for the British currency! There is a strong correlation between GBPUSD and BRENT.

Trading recommendation: Buy 1.2940 and take profit 1.2970.

David Johnson
Analyst of «FreshForex» company
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