07 August 2020, GBP/USD
GBPUSD trading plan:
Good and bad news. Britain cannot sustain the level of borrowing it has undertaken to support the economy through the COVID-19 pandemic, finance minister Rishi Sunak said. "The appropriate thing is to be bold and decisive in the response and try and protect as much of the economic capacity we have as possible. We can borrow this year to do that. That's not something we can or should sustain." Rishi Sunak said. This is a negative signal for the British currency. The three-month dollar Libor rate is below 0.25%. This indicates a surplus of dollars. The range of dollar rates set by the US Federal Reserve is 0-0.25%. If the interbank rate is within the range, then this indicates an excess of dollars, which is negative for the value of the American currency.
Trading recommendation: range 1.3077 -1.3160.
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